In the short term we see this today in the increased demand for rental housing in the capital cities of Melbourne and Sydney, cities which are the destination locations of more than half of the migrants arriving in Australia in recent years. [...] This upgrade can be both in the quality of the housing and the residential amenity of the location. [...] Similarly, the only flats and town houses being built in the inner and middle suburbs of Melbourne are at the high end of the market, way out of the range of households seeking affordable accommodation. [...] The first is to improve the quality of the property in the existing location, involving demolition of an existing building and construction of a new dwelling. [...] Throughout this paper we have highlighted the long term nature of the problems of housing affordability, including the fact that the majority of housing demand over the next 10-15 years is already locked in through the lag effect of migration.
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Table of Contents
- The housing crisis in Sydney and Melbourne – new strategies to fix it 4
- Executive summary 4
- How could this be? 4
- What to do? 5
- Introduction and overview 7
- The framework of analysis 10
- Rental demand 11
- Rental demand from migration 13
- Supply of rental housing 14
- Supply in middle ring suburbs – medium density – the ‘missing middle’ 15
- The supply of high-rise rental apartments 17
- Build to rent 18
- Key take outs on the rental market 18
- First home buyer market 19
- Demand from migration 19
- Where can first home buyers find a niche in the big cities? 21
- Migrant competition on the fringe 23
- Upgraders 24
- Demand 24
- Supply 25
- Downsizers 28
- Construction workforce 31
- Cottage industry, fragmented with low capital base 33
- Fiscal and monetary policy 35
- Recommendations 36
- List of Tables 38
- References 39
