Housing affordability impacts Western Sydney business stability

Housing affordability is increasingly viewed as a business issue rather than just a social or property concern. In Western Sydney, the ability of workers to live near their places of employment directly affects the capacity of businesses to attract and retain staff, build a local workforce, and maintain regional household spending.

While rising living costs and property prices present significant barriers for first-home buyers, several government programs offer potential pathways into the market. The Australian Government’s five per cent Deposit Scheme allows eligible buyers to purchase with a deposit as low as five per cent without Lenders Mortgage Insurance, while single parents or legal guardians may qualify for a two per cent deposit.

The Help to Buy program provides further assistance, allowing eligible buyers to enter the market with a minimum two per cent deposit, with the Australian Government contributing up to 30 per cent of an existing home or 40 per cent of a new home. Additionally, New South Wales offers transfer-duty assistance, including exemptions and concessions, for eligible buyers.