Rents to Soar as Housing Crisis Worsens
Source: The Daily Telegraph
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New homes … more new homes will be built in Adelaide than in Sydney this year, data shows |
- More homes to be built in Adelaide, Melbourne
- Sydney in lowest rate of growth in 50 years
- Rents tipped to soar across the nation
MORE homes will be built in Adelaide than in Sydney in 2009, proof that the housing crisis engulfing the nation’s biggest city is reaching alarming proportions. Figures obtained by The Daily Telegraph show an estimated 7300 new dwellings will be built in Sydney this year, the lowest rate of growth in more than 50 years and roughly a third of the homes built in 2003.
The bleak projections are in stark contrast to Melbourne, where an estimated 23,000 new dwellings will be built this year. In Adelaide - a city boasting a population one quarter of the size of Sydney - about 7500 new homes are scheduled, while Brisbane expects 13,450 new homes to be built. The outlook gives credence to economists’ fears that Sydney rents will shoot up a further 12 per cent in 2009, on top of last year’s 8 per cent rise. Such a rise will take the average rent for a three-bedroom house over $400 a week.
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