SBS World News: Western Sydney's Overheated Housing Market feat. Hal Pawson – 15 November 2014

SBS World News: Western Sydney's Overheated Housing Market feat. Hal Pawson - 15 November 2014



it's long been an area where immigrants arrive with nothing and forge a good life themselves but new research shows that families are struggling to get ahead Murad Ali and his family moved to Western Sydney from Pakistan 14 years ago his dream of buying a home is still just a dream even the rent is too much triple when we come here start 160 no I pay 350 mr. Ali has come to a local option hoping to bid but even the opening price is well above his budget as you saw today the property sold in 130 over reserve so it's making it very hard for it for the locals to afford properties that part of Sydney has become a magnet for rental investors who are buying up property there to an even greater extent than they are across the whole of Sydney data from property analysts the domain group shows that on average it costs around 500 dollars to rent a house in Sydney that's increased by more than 51 percent in the last decade for parts of Western Sydney it costs four hundred and fifty dollars and that's a massive increase of one hundred and twenty five percent buying a house in Sydney costs on average seven hundred and ten thousand dollars 42 percent more expensive than ten years ago in Western Sydney it's six hundred and eighty eight thousand dollars that's a 78 percent hike historically migrant families moved to the western suburbs for cheaper accommodation this often meant long commutes to the city and even work and sometimes even poor amenities but with the price gap getting smaller and smaller many now feel they're getting a raw deal that experts say there is a way government's should act to keep prices down more social housing whether it's public housing or community housing would would certainly help as would a a tax system that doesn't give so much incentive to rental investors to go in there and bid up house prices perhaps then the Ali family would be able to afford a piece of the great Australian Dream at relative SPS world news

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