Sydney property prices are at record highs and rental vacancies at historic lows, but new homes are struggling to get off the ground.
The construction of thousands of new Sydney homes has stalled amid the city’s deepening rental crunch as soaring building costs and decade-high interest rates disrupt the delivery of residential projects.a housing supply crisis,
There is normally a lag between when housing is approved and construction begins. However, the report reveals an “abnormal number of dwellings sitting in this category” as the rising costs of building materials, labour shortages and higher interest rates hindered commencements, especially of higher-density projects.showed new dwelling prices have risen by nearly 40 per cent since late 2019.
“We are looking at the financial system, upskilling and training the workforce, examining modular methods of construction and investing in public sector developers like Landcom so that they can support the construction of more homes,” he said.North Sydney Mayor Zöe Baker called on the NSW government to offer residential builders a financial guarantee to ensure approved projects can be completed promptly.
Housing Industry Association chief economist Tim Reardon warned rent hikes of that magnitude are set to continue given the inadequate pipeline of new housing.
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