Sydney on Brink of Grandchild-less Future: Report Warns of Exorbitant Housing Costs Driving Out Young Families

Brace yourselves for a future without the pitter-patter of tiny feet echoing through the bustling streets of Australia's largest city. A new report paints a concerning picture, suggesting Sydney could soon become a "city with no grandchildren" unless drastic changes are made to address the crippling housing crisis.

The report, conducted by the NSW Productivity Commission, reveals a stark exodus of young families, with twice as many people aged 30-40 leaving Sydney between 2016 and 2021 as those arriving. Despite boasting some of the highest average wages in the country, the city's exorbitant housing costs are pushing families out, with 70,000 opting to leave compared to just 35,000 moving in.

The report further highlights that this isn't just a retiree exodus. Nearly two-thirds of those leaving are working-age adults between 25 and 64, indicating a worrying trend of young families abandoning their dream of raising children in the Harbour City.

This alarming scenario has prompted urgent calls for action. NSW Productivity Commissioner Peter Achterstraat warns, "If we don't act, we could face Sydney becoming known as the city with no grandchildren." He emphasises the need for increased housing supply, particularly in desirable inner-city areas, to make the city more affordable for young families.

The report suggests that allowing an additional three stories on new apartment buildings could have yielded 45,000 more dwellings and potentially lowered rents by 5.5%. This, along with other initiatives aimed at increasing affordability and accessibility, could be crucial in stemming the tide of young families leaving Sydney and ensuring a vibrant future for the city, complete with the joyful sounds of grandchildren playing in its parks and streets.

The question remains: Will Sydney heed the warnings and act to prevent a future devoid of the next generation? Only time will tell.