Debate rages across the country, as experts and analysts go back and forth over the idea of an affordable housing crisis in Australia. One area that all experts can agree on, however, is that Sydney is in a league of its own when it comes to property prices. Sydney comes in second to Hong Kong as having the least affordable housing in a survey of 10 major metropolitan markets.
The Guardian Australia reported figures from BIS Oxford economics showing that, as of December 2016, 42% of average disposable household income in New South Wales was being poured into monthly mortgage payments. This is on a median-priced house in Sydney, after the sizeable 25% deposit has already been paid.
As these figures have not significantly changed in over 25 years, the Sydney Affordable Housing Challenge – in collaboration with the Sydney Build Expo – is looking for innovative solutions that could end this crisis for good.
Sydney is Australia’s biggest and most vibrant metropolitan hub, but its astronomical price tag is restricting its population to those of a privileged background. Therefore, this is an open architecture competition, encouraging those new to the industry – as well as seasoned professionals – to address to question of how to create affordable homes with limited space and resources.