Document notes - Overconsumption of housing space in Sydney...

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Overconsumption of housing space in Sydney is becoming an increasingly bigger problem. The need for larger houses, expensive material objects, and a general need for more things to fill a house with stems from the Australian dream. The Australian dream is a general idea that with a large, spacious home you will have a better life and that it also exhibits your success. Sydney’s population in 2016 was at 4.6M people, whereas it is set to rise to 6.4M by 2036 which is an increase of almost 2 million people. Houses are becoming larger whilst the actual number of people living in them are becoming smaller. With the average size of an Australian home increasing by 40%, and on average 3 in every 4 homes have a spare bedroom, Sydney is finding it very difficult to cope as they are overpopulating and struggling to house people Consumers – With the Sydney housing market increasing exponentially, consumers are being forced to pay more. From 2016 to 2017, the prices of homes in Sydney have skyrocketed by nearly 20%. Consumers are paying more for their homes and for space they don’t need. This implies that due to the waste of space, consumers are paying unnecessarily amounts of money when they could buy or rent more affordable homes that they can utilise more effectively.
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The main business markets which are predominantly affected by this issue are the real estate and construction markets. The total
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