Housing stock in both Sydney and Melbourne is failing to meet the needs and wants of local residents, a new report has revealed.
According to The Housing We’d Choose report conducted by the Grattan Institute, residents in the nation’s two leading cities are settling for the wrong type of house in the wrong area, as what they would prefer is simply unavailable.
The report which examined the housing preferences of more than 700 Sydney and Melbourne residents found that while the majority of Australians aspired to own a large detached house, real world constraints such as, the growing cost of housing, has forced many to opt for other alternatives.
Writer of the report, Jane-Frances Kelly said several barriers were hindering housing stock from delivering what residents really want, including the cost of materials, labour, land availability and planning system requirements.
“We’re just not building the variety of housing that Australians say they want,” Ms Kelly said.
“We should not be afraid to shape our cities: otherwise we risk them shaping us. We should shape them in accordance with what Australians say they want, not just what we think they want.”
Respondents to the survey listed the number of bedrooms as the most important factor when buying a property, while security and location rounded out the top three.