Thousands of empty "ghost homes" exacerbate New South Wales housing crisis

ABC NEWS (Australia)

As governments grapple with the housing crisis, tens of thousands of homes across New South Wales sit empty. Many of these "ghost homes" occupy prime real estate, but incensing owners to rent them out is proving to be challenging.

Transcript

00:00In a city crying out for more homes, these stand vacant.

00:07A Vaucluse mansion gathering cobwebs, an abandoned five-dock home opposite a metro station.

00:14The latest data reveals more than 43,000 homes in the state are inactive.

00:19Almost 24,000 are in Greater Sydney, the suburbs with the most, Millers Point with 355, Haymarket

00:28with 345 and Mascot with 327.

00:33Real estate insiders say there are many reasons landlords choose not to rent their properties.

00:38It can be the case that the property is too expensive to bring up to the requisite standard.

00:45Others may choose to simply land bank.

00:48Others have difficulty in getting the necessary improvements through council.

00:53This waterfront Dolls Point home is vacant because the owner had a falling out with his

00:58builder.

00:59Last time it was lived in was about 2014, they started their renovation, disputes occurred.

01:05Now with weather, damage, ceilings have fallen in, lift shafts have been rusted out, cables

01:12falling about, a perfectly brand new kitchen has completely rusted out and it's unlivable.

01:18We tracked down the owners of a handful of empty Sydney homes to ask them why they're

01:23not being rented out.

01:25Some were mortgage free or required repairs, others were awaiting development consent.

01:31Holiday homes are also restricting the rental market.

01:34On this street in Sandringham, residents say at least half the homes are not lived in full-time.

01:40The NSW Government is considering a vacancy tax as part of a review of short-term rentals.

01:46There is a strong case for a vacancy tax because we use our housing stock in a very inefficient

01:51way.

01:52If you're renting people with vacant properties, it might look politically attractive in the

01:58short term, but it's most certainly not going to solve the problem.

02:01Victoria already has a vacancy tax for inner Melbourne homes.

02:05It will roll out statewide from 2025.

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