00:00 A report by the New South Wales Productivity Commission has found that the harbour city
00:05 is losing twice as many people aged 30 to 40 as it gains. That's because housing has
00:11 become too expensive for many families.
00:14 If this continues, then Sydney may well become known as the city with no grandchildren.
00:20 Adrian Tucci left his Sydney roots last month and moved his family from Leichhardt in the
00:25 city's inner west to Cairns in far north Queensland.
00:28 We can't afford a multi-million dollar mortgage, raising two kids with my wife wanting to be
00:36 a stay at home mum.
00:38 The painter said he and his wife Nicole bought a block of three units by the beach in the
00:42 tropical city for less than $1 million.
00:44 It was a difficult decision to leave family and friends. However, the financial stress
00:50 that we would have been under had we stayed and bought a property would have ultimately
00:54 led to a far harder and sad life.
00:59 Joe and Andy Rowe started their family while living in a two bedroom apartment they owned
01:03 on Sydney's lower north shore.
01:05 We were like our kids to have their own bedrooms, have their own space.
01:08 After having their second child, the couple decided it was time to upsize. After failing
01:13 to find a larger property within their price range, the family relocated to Canberra in
01:18 2021.
01:19 A small two bedroom apartment where we were in Sydney was the price equivalent to a four
01:26 bedroom house in the suburbs in Canberra.
01:29 The productivity commissioner says the exodus of people aged 30 to 40 is a problem for Sydney
01:34 siters because that age group is among the most productive in the workforce.
01:38 If these productive workers leave Sydney, then it means the rest of us who stay here
01:43 are going to have to work a little bit harder to produce the same level of goods and services.
01:47 The productivity commissioner says to make housing cheaper and more abundant in Sydney,
01:52 density needs to increase in areas closer to the city.
01:55 To achieve that, the state government plans to rezone land near dozens of train stations
02:00 to allow apartment blocks in areas currently dominated by stand-alone houses.
02:05 But there's pushback from some councils who fear the character of those suburbs will be
02:09 ruined.
02:10 The productivity commissioner says heritage protections should be reviewed in areas where
02:14 restrictions on redevelopment are widespread.
02:17 [BLANK_AUDIO]
