April 19, 2024
April 19, 2024
The dream of owning a home in Sydney has grown increasingly elusive, with soaring property prices placing immense pressure on buyers and renters alike. As the second most expensive city globally, Sydney’s housing market is a stark reminder of the affordability crisis gripping urban centres worldwide. With average monthly mortgage repayments now a staggering 143% of Australia’s median wage, and property prices hovering at 19 times the annual average income, finding affordable housing in Sydney often feels like chasing a mirage. Fortunately, with the passing of the Help to Buy Program by the Commonwealth Parliament in November 2024, getting on the housing ladder just got easier.
We’ll be exploring the new Help to Buy Program, how it can help buyers, and looking at new housing developments in Sydney that are suitable for first-time buyers.
For many, the Australian dream of home ownership is slipping away. Rising rents compound the challenge, with Sydneysiders spending an average of 30% of their income on rent, leaving little room to save for a deposit. Despite existing grants and schemes in NSW, escalating property prices continued to shift the goalposts for first-time buyers, however, the Federal Government’s new Help to Buy scheme is set to transform this and support affordable housing in Sydney.
The Help to Buy Program is a recently passed scheme that allows participants to purchase a home with an equity contribution from the government. Over four years, the purchase of 40,000 homes will be supported as part of the scheme, with 40% equity being provided for new builds and 30% equity on existing homes. Buyers will be able to use this equity contribution to purchase a property without having to pay rent on the government share or pay anything back until the property is sold, taking the burden away of purchasing a more expensive property.
With the Help to Buy Program scheme, buyers can purchase properties in Sydney valued at up to $950,000 that they would otherwise not be able to afford. The program is only available for individuals making less than $90,000 a year and couples making less than $120,000, but it offers a significant contribution to help buyers get on the ladder. This is exciting news for buyers who have been plagued by rising house prices in Sydney that have restricted purchases.
Many new housing developments in Sydney include designated affordable units. However, these often fall short of original allocations, leaving low-to-middle-income earners with limited options. As a result, the call for sustainable and scalable solutions is louder than ever. At HYG, we believe that affordable housing shouldn’t compromise on quality, design, or community living. Our mission is to create vibrant, accessible neighbourhoods that cater to a wide range of budgets and lifestyles.
Our portfolio includes projects across Sydney, such as:
These developments provide affordable entry points to local hubs with excellent access to public transport, schools, parks, and shopping centres, making homeownership attainable for more Australians.
Finding affordable housing in Sydney remains a significant challenge, but with the new Help to Buy Program, buyers can get on the ladder for less without having to compromise on quality or location. If you’re ready to make your homeownership dreams a reality, explore our new housing developments in Sydney or get in touch with the HYG team today. Together, we can help you find a home that fits your lifestyle and budget.
Let us help you turn your vision into reality. Contact HYG today!