New South Wales has witnessed an uptrend in housing demand, especially low-cost ones. This is attributed to numerous reasons, the most predominant being population growth, increase in house prices, and scarcity of rental accommodation. Finding affordable family accommodation in NSW is particularly sensitive for families, as it is challenging to secure cheap housing that meets their needs.
- Rising house prices: The general accommodation cost in NSW, particularly in urban areas such as Sydney, has rapidly increased in recent years. This has often led to the fact that many families cannot afford to own a home and instead resort to renting or finding other means of subletting.
- Limited rental availability: The rental market remains very competitive in NSW, with limited affordable housing stock. This can make it very challenging for families to find decent, standard, cheap houses for rent.
- Increasing family size: Up to this point, the issues involving shelter are about families that become diverse with the development of family size. This can push them to acquire even bigger houses or specific houses or lots, narrowing down their choices as to what they can afford.
Buy your room: a potential solution
Another largely promoted solution for affordable housing scarcity in NSW is the buy-your-room model. This model entails leasing one room in a larger building with several other occupants. It can be a better solution for families who cannot afford to buy a whole house or apartment.
- Reduced costs: Buying one room can be more affordable than an accommodation unit. This makes it an option for households with small incomes.
- Shared amenities: Occupants in a ‘buy your room’ house or an estate have some amenities and facilities in common, like kitchens, bathrooms, and washing places, which, if shared, minimise the cost of living.
- Community building: Sharing a house can offer opportunities to meet people and engage in social relations with people nearby.
The model might not be a viable solution for everyone, but it can provide an estimated solution for families with no opportunities to rent an affordable house in NSW. With the continuing increase in the segregation of affordable housing, it is essential to explore new and untraditional ways to solve this problem, such as considering options where you can buy your room.
