Sydney’s Housing Crisis: Why the City Risks Losing Its Future

Sydney feels like a dream for many, but behind the skyline and beaches sits a growing problem. NSW Premier Chris Minns isn’t sugar-coating it. Without serious action on housing, Sydney could face a future that pushes young people out.

The recent rejection of a $5 billion plan to redevelop Rosehill racecourse shows how tough it’s becoming. That plan would’ve built 25,000 new homes and a new metro station. The Australian Turf Club voted it down, even though it could’ve secured the racing club’s future for the next century.

Minns spoke to over 100 business leaders at the Shangri-La hotel. The message was clear. Sydney’s liveability has improved, but people are still leaving faster than they’re arriving.

Every year, twice as many young people leave Sydney as move in. That’s even with Sydney pulling in the most interstate and international migrants in Australia. The problem sits squarely on housing. There just isn’t enough of it.

Minns called it the biggest challenge not only for the economy but also for fairness across generations. Without affordable housing, young people can’t see a future in the city. And without them, Sydney risks losing its energy, innovation, and growth.

When asked about alternative plans after Rosehill’s rejection, Minns kept it short. Plans exist, but the government isn’t ready to share details yet.

Sydney’s future depends on solving the housing shortage. The decisions made now could shape who calls this city home for decades to come.