LTCGs house value has soared to a record high of A$1.5 billion, while TSAs housing price has fallen to a new low of AUS$1 billion, according to new research by Sydney Real Estate Council.
The average house price in Sydney is currently A$9.7 million, a record low, and is set to reach A$10.4 million this year.
While the price is currently above the record highs of Aussie dollars, the housing market is currently suffering a significant decline in value.
“The current economic climate is also impacting the property market and there is little upside to this,” said Robyn O’Brien, the executive director of the council.
She said that while the housing sector is in good hands, it will be very difficult to see it continuing to rise to new heights in the long-term.
Ms O’Connor said the council has been calling for a new national strategy to improve Australia’s housing affordability and that a “sensible and long-range” strategy is needed to tackle the housing affordability crisis.
What are the biggest challenges facing Australia’s home market?
The NSW Government and the Reserve Bank have set a target of A $100 million annual increase in home prices in 2018.
That would see the NSW average home price go from A$8,000 to A$11,000.
However, Ms O’Byrne said that if the NSW Government was to meet that target it would have to continue to invest A$500 million annually into housing.
Even if it met the target, she said, the NSW Housing Bureau’s annual funding rate of AAPR (Annual Primary Revenues) of about $300 million would still not be enough to keep pace with rising home prices.
Why do people buy houses?
According to the NSW Home Owner Survey, which was released earlier this year, around 70 per cent of all home buyers were young people.
This was partly because younger people are less likely to be homeowners.
According the NSW Survey, one in five young people now own their own home and more than one in three of those buyers were aged 18-24.
Australia has a large number of people with young children and the number of young people in Australia has increased dramatically since the 1980s.
There are also more people with disabilities in Australia, Ms Loh said.
For some, buying a home is the only option to save for a future when the price of housing starts to increase.
It’s also the only way to be able to access social housing.
“There is no other way to access this social housing that is affordable and affordable enough to meet the needs of the person who is most at risk of homelessness,” Ms Lah said.