Housing affordability Sydney’s ‘greatest problem’

Sydney’s eye-watering property prices were the biggest problem for Australia’s largest city, The Australian Financial Review Infrastructure Summit has been told.

Committee for Sydney chief executive Gabriel Metcalf said the city was great if you’ve got the money to afford to live in a nice part of town.

“Housing affordability is Sydney’s greatest problem and the social implications of this are just stark,” he said.

“Here in Sydney we have a lot that can be done to increase housing supply at all levels. It would be nice to get some financial support from the federal government.”

Committee for Melbourne chief executive Martine Letts said she was confident the Victorian capital can bounce back from the COVID-19 lockdowns over the past 18 months.

“Melbourne went from one of the most liveable cities to the world’s most lockdown city,” she said.

“Want to recover from that as quickly as possible.“

Committee for Brisbane chief executive Barton Green said all of south-east Queensland was hoping to use the 2032 Olympics as the catalyst for ongoing population growth in the region.

An extra 2 million people are predicted to move into south-east Queensland over the next 20 years with a need for 800,000 homes.

Mr Green said a new city deal for south-east Queensland is expected to be announced before the end of the year and would help plan for that growth.

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