70,000 Sydney Millennials aged 30-40 left between 2016-2021 due to housing crisis; 76% of renters experience housing stress.
In the Australian housing crisis, soaring house prices in Sydney and Melbourne are forcing many Australians to reconsider their living arrangements, with record-high rents and median house prices at $1.63M and $1.03M respectively. The situation has led to a mass exodus of Millennials in Sydney, with 70,000 aged 30-40 leaving between 2016 and 2021. In response, a group of friends in Sydney bought a block of units together, known as the "Peach Palace", to address their housing needs amidst the crisis. The People's Commission into the Housing Crisis revealed that 76% of renters experience housing stress, with almost 8 in 10 skipping medical appointments and meals to afford a home.
May 26, 2024
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