Another report has been released highlighting the absurdity of the Sydney housing market, with just one suburb having a median house price below $500,000 – Willmot 50 kilometres west of Sydney’s CBD. From Domain:
It’s the end of an affordability era. After a five-year boom Sydney has just one suburb left with a median house price under $500,000.
The lone hold-out is Willmot, a small triangular suburb 50 kilometres west of Sydney’s CBD.
There are just 632 houses located in the suburb, which was established in the early 1970s and named for the first president of the Blacktown Shire Council, Thomas Willmot. The majority of the suburb’s homes are owned by investors.
It has been this feverish investor activity that has led to the disappearance of Sydney’s sub-$500,000 suburbs. At the start of the year there were four and five years ago there were more than 150…
The suburb’s median household income is $886 – $600 less than the median for NSW. Census data shows a quarter of households are paying above 30 per cent of their income in rent, compared with 12.9 per cent statewide…
I am constantly amazed that young Sydneysiders aren’t rioting in the streets with pitchforks against the deliberate government policies that have helped cause this mess and robbed them of a housing future.
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
