News Ticker

Agent claims 200,000 vacant homes in Sydney

Just think about that. 200,000 homes sitting vacant in Sydney. That is one hell of a lot of homes.

Douglas Driscoll, the chief executive of Starr Partners, estimates the number of unoccupied homes has almost doubled from 120,000 in 2011, in a city which is already the second most unaffordable in the world after Hong Kong. ‘Foreign investors are only exacerbating the problem by buying properties and leaving them vacant,’ he claims.

Driscoll claims Chinese buyers are at the root of the problem due to their aversion to renting and also because they also buy to accommodate their children in the future when they attend Sydney’s universities.

There have been claims that there are 35000 homes vacant in Auckland under similar circumstances. This seems low by comparison. Auckland has roughly one quarter the population of Sydney, but Sydney also has a property gains tax on unoccupied homes. One would expect the Auckland number to be a bit higher than 35000.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: