On current trends, less than half of the children born today in Sydney will ever own a home. That's according to the committee for Sydney, which will be pushing this point at a summit today, where they'll have the ear of the State Treasurer and Youth Minister.
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00:00 We looked at how the growth in home ownership is changing over time and how many people
00:08 are coming into the city and also declining ownership rates in different generations and
00:13 understanding that people are getting older before they often buy their first home and
00:17 that's going to continue into the future.
00:19 And so it's becoming less and less about your education or your get up and go there and
00:23 really more about intergenerational wealth if you do have that.
00:27 That's right, we do see that increasingly people are relying on help from family to
00:35 pay for homes but also the price is increasingly out of reach for a number of people even on
00:41 incomes right across the city.
00:43 Now today's summit which I know that you're heading to straight after this, that's looking
00:47 to address that.
00:48 What is being looked at there?
00:49 So today we're really having a big discussion about intergenerational equity and what does
00:53 a city need to do, a city like Sydney need to do to be equitable and just for future
00:58 generations.
00:59 We're having discussions from politicians, people who work within government, people
01:04 in the private sector, people in the community sector to understand what are the challenges
01:08 because they don't just sit with one owner but also what are some of those ideas that
01:13 we can do to start thinking about what a city looks like for future generations.
01:18 And to put it in the most simplest of terms, is it to fit more people in?
01:22 How would you describe it in simple terms?
01:25 The city is always going to grow.
01:26 A city like Sydney is always going to grow and people want to come to Australia and move
01:30 to Sydney but it's also about ensuring that the housing that we provide is the right type
01:35 for the right people so that regardless of what background you have, what you've come
01:39 up with, you're able to find a place where you can live close to the jobs, close to your
01:45 communities and really flourish.
01:48 And that I assume involves a lot of rezoning.
01:51 Rezoning is a part of it and that's obviously something that the government is talking about
01:54 at the moment but there's also trying to understand what type of housing is needed, ensuring that
01:59 we're putting affordable essential worker housing in areas close to public transport,
02:05 also understanding where jobs of the future are going to be and moving the centre of gravity
02:09 if you will from the CBD to the centre and the west of the city as well.
02:14 Is it that it hasn't been properly considered up until this point or are there actually
02:18 factors standing in the way of this redevelopment as we need it?
02:23 I think Sydney's development pattern is 200 plus years of built history.
02:30 Obviously it goes back a lot longer than that but we've started in the east with around
02:36 the CBD but development patterns have moved westward as people have looked to own land
02:42 and it's really trying to catch up often and make sure the infrastructure is there for
02:47 people who are living there also now but also the people who are going to be living there
02:50 in the future.
02:51 So transport infrastructure, social infrastructure, making sure the right housing is there for
02:56 the people of the future.
02:57 [BLANK_AUDIO]