Home ownership rates in Sydney will inevitably fall to rates similar to London and New York, Liberal MP Peter Hendy will tell Federal Parliament today. Hendy is an economist who started out as a Treasury cadet, and holds the seat of Eden-Monaro just outside Canberra.

Australia's national rate of home ownership is 67 percent. In Sydney, it's about 65 percent. In London, only about half of inhabitants live in a house they own, according to Dr Hendy, while in New York, the owner-occupier rate is 32.2 percent, for Los Angeles it's 49 percent, Paris less than 30 percent and Tokyo 44.6 percent.

"Australian lawmakers cannot ignore this fact of life," Hendy will say, reports The Australian Financial Review. "The Sydney levels of owner occupation will probably fall to match those of other international cities."

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