Why this single photo exposes the brutal reality of Sydney's housing crisis
The two-bedroom two-bathroom apartment on Waverley Crescent in Bondi Junction, comes with income eligibility guidelines, which advocates say proves 'affordable' housing is out of reach for low-income Aussies.
To be eligible to rent the property, applicants must not earn more than a combined income of $121,000 for a couple, $161,500 for three adults, $145,300 for a couple with one child and $169,500 for a couple with two children.
NSW Affordable Housing Ministerial Guidelines states a home is 'usually considered affordable if it costs less than 30 per cent of gross household income'.
However, the Bondi Junction apartment would see a couple spending more than 47 per cent of their income, three adults would pay 35 per cent, while a couple with a child would spend 39 per cent.
The apartment, which has a $4,400 bond, is listed under Affordable Housing Scheme by HomeGround Real Estate Sydney.
NSW government sets out the guidelines for the scheme.
After a report in The Guardian on Tuesday, the listing price dropped to $1,040 a wekk and then to $1,000.
A HomeGround spokeswoman said the price reduction was because of winter fluctuations in the market.
'Initially, we advertised the property with a market rent set at $1100 per week,' they said.
'However, as market conditions fluctuate weekly, especially in the Bondi area, we have adjusted the asking price to $1000 per week as we transition into the winter market.'
They had previously said the below-market price point for the apartment may seem highly because the market rent is high in locations such as Sydney's eastern suburbs.
However, they insisted the listing was 'more affordable' for families.
In NSW, affordable properties must be rented out with a discount of 20 per cent on the market rent, but guidelines state 'flexibility in pricing may be applied to moderate income households'.
However, as a result of rising market rates, this discount still means many low-income families are expected to rent properties that cost more than 30 per cent of their household income.
A spokesperson for Everybody's Home Maiy Azize told Daily Mail Australia: 'Our governments keep spruiking so-called 'affordable housing' schemes, but nothing beats the real thing: social housing.
'We need genuinely low-cost rentals that people can actually afford. Even people receiving an average income in Sydney don't qualify for social housing, yet they're priced out of the private market.
'Families are falling through the cracks and entire communities are suffering. The only real fix is to build more social housing and open it up to more people.'
Managing director of the Australian Housing and Urban Research Institute, Michael Fotheringham said many 'affordable' listings do not live up to the name.
'It's a really loose terminology that different state rules apply across the country, and we have both federal and state government investing in programs to deliver affordable housing,' he added.
'But what 'affordable housing' is, is really unclear.'
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