Bridge Housing Annual Report 2022 - Flipbook - Page 24
Operating Environment
Bridge Housing operates across metropolitan Sydney, one of the most expensive housing markets in the world. Despite
the initial reductions in rental prices because of COVID-19 travel restrictions and limits on immigration, the rental market
in Sydney remains characterised by low rental vacancies and a lack of affordable housing options. The lack of affordable
housing is most acutely felt by those on low incomes.
DEMAND FOR SOCIAL AND AFFORDABLE HOUSING
Housing is generally considered ‘affordable’ when a person’s housing costs are less than 30 per cent of gross household
income for low-to-moderate income households.
GREATER SYDNEY IS CHARACTERISED BY:
50,000 people
216,00 properties
waiting for social housing
are required to meet demand in NSW
Sydney is characterised by high demand for social housing
with over 50,000 people currently on the NSW Housing
Register seeking an affordable home.
An estimated 216,000 social and affordable properties
are required to meet demand in NSW alone.
31% decrease
34% increase
1.2%
of home ownership
of households rent
rental vacancy rates
Rates of home ownership have fallen
from 42 per cent in 1996 to 31 per cent
in 2021. This places extra pressure on
those renting in the private rental market,
particularly as people rent for longer.
Renting has increased, rising from
26.9 to 30.9 per cent of households
nationally and in Sydney constitutes
34 per cent of households.
Rental vacancies have fallen to
1.2 per cent across Sydney, placing
extra pressure on those renting in
the private market.
1% of rental properties
are affordable to people relying
on income support
Lower income Australians face higher rates of rental stress and
poverty. Only 1 per cent of rental properties are affordable to
people relying on income support and just 5 per cent for people
on the minimum wage.
20 | Bridge Housing
37,715 people are
homeless
rates of homelessness rising
According to Census data, rates of homelessness have risen
37 per cent since 2011. While this has been temporarily
addressed through efforts to house homeless people during
the COVID-19 pandemic, the fundamental lack of affordable
housing is pushing new groups such as older women into
homelessness.