Housing crisis intensifying as NSW struggles to deliver desperately needed new homes
The Reserve Bank’s first hike since 2023 has squeezed borrowers and clouded the outlook for prices, but an industry leader says stalled housing delivery and investor exits, particularly in New South Wales, are the bigger threats to affordability.
Despite the rapid growth of high-density suburbs like Oran Park in Western Sydney, New South Wales is still falling short when it comes to housing supply. (Image source: Phillip Wittke/Shutterstock.com)
The first Reserve Bank meeting of the year delivered an outcome no mortgage holder wanted. The first rate rise since 2023 will have an impact on many households already doing it tough.
What it means for property prices remains to be seen. A rise in rates
would ordinarily be expected to lead to slowing price growth, or even prices easing, as borrowing capacity for buyers is reduced. But this is not a normal market.The Federal Government’s plan …
