Two thirds of residents believe Sydney is full and homes for millions of immigrants should be built outside the city limits.
Sydney’s population was forecast to surge by 1.74 million by 2036 and 725,000 homes will be needed to house them, according to the Greater Sydney Commission.
The plan was mostly to add apartment blocks to underused land in high-growth areas, but a new poll showed this was overwhelmingly opposed.
Anti-development sentiment came as fears rose of the property bubble bursting and auction clearance rates fell 17.2 per cent this weekend compared to last year.
Two thirds of residents believe Sydney is full and homes for millions of immigrants should be built outside the city limits
The ReachTell poll found 66.4 per cent thought ‘Sydney is full’ and development should be pushed to the fringes, according to the Sydney Morning Herald.
Only 22.8 per cent agreed the city was ‘still growing’ and the inner metro should continue to be redeveloped, and 10.7 per cent were undecided.
Instead, most residents want immigration cut from its record high 200,000 a year to keep downward pressure on skyrocketing house prices.
However, even if population growth was somehow stopped in its tracks, the city would need at least 140,000 new houses for ageing ’empty nesters’ downsizing.
Sydney’s population was forecast to surge by 1.74 million by 2036 and 725,000 homes will be needed to house them
Only 22.8 per cent agreed the city was ‘still growing’ and the inner metro should continue to be redeveloped, and 10.7 per cent were undecided
Sydney’s average house price jumped 10.5 per cent in the past year and climbed above $1.1 million earlier this year as 16.2 per cent more houses went on the market.
But the property market could be headed for a crash as prices fell for the first time in 17 months during September, easing 0.1 per cent.
Quarterly results were just as flat, only gaining 0.2 per cent after jumping more than five per cent in the first half of the year.
But the property market could be headed for a crash as prices fell for the first time in 17 months during September, easing 0.1 per cent
Sydney’s average house price jumped 10.5 per cent in the past year and climbed above $1.1 million earlier this year as 16.2 per cent more houses went on the market
Auction clearance rates also fell 17.2 per cent this weekend compared with the same weekend last year, further stoking fears the bubble could soon burst.
Only 66.19 per cent of properties sold, a far cry from the lofty 79.49 per cent of September 8-9 last year.
Experts blamed the huge 16.2 per cent increase in listings, investors struggling to get finance, and buyers becoming more picking with more on offer.
| Suburb | 2012 Median Price | 2017 Median Price | Increase (%) |
|---|---|---|---|
| Sefton | $455,000 | $920,000 | 102.2 per cent |
| Lakemba | $500,000 | $958,000 | 91.6 per cent |
| Wilberforce | $499,900 | $940,000 | 88 per cent |
| South Granville | $450,000 | $880,000 | 95.6 per cent |
| Lewisham | $487,000 | $912,500 | 87.4 per cent |
| Birrong | $453,000 | $876,000 | 93.4 per cent |
| Wiley Park | $485,000 | $902,500 | 86.1 per cent |
| Auburn | $490,000 | $903,500 | 84.4 per cent |
| The Oaks | $415,000 | $826,000 | 99 per cent |
| Prospect | $420,000 | $829,000 | 97.4 per cent |