NSW Housing Shortfall Deepens Amid Overseas Migration Surge

Sydney's housing market is deeply affected by persistent undersupply driven primarily by excessive net overseas migration, which has outpaced dwelling completions and led to chronic housing shortages and high prices, particularly in established suburbs. Despite numerous approved multi-apartment projects in Sydney, many have stalled or remain unbuilt due to rising costs and financing difficulties, worsening the housing supply crisis. In Melbourne, community concerns have arisen over new high-rise developments near the Queen Victoria Market, with residents fearing negative impacts on the market and surrounding low-rise precincts, though local officials see potential for significant urban growth. Meanwhile, property managers nationwide are facing severe mental health challenges, with many experiencing psychological distress and burnout due to the emotional toll of their work, including handling crises such as tenant suicides and homelessness. Low-income tenants at Royal Gardens in New Hampshire face uncertainty and fear amid a property sale and planned renovations that may cause displacement, compounded by communication barriers and eviction notices that have prompted legal aid involvement. Collectively, these issues reflect broader housing affordability, supply, and social challenges in urban areas across Australia and the US.