Brisbane Olympics set to boost commercial property
Brisbane’s residential and commercial property markets are set to receive a huge boost in property price growth, as th...
The NSW government is escalating its attempts to boosting housing supply across the state.
The NSW state government has announced a new regional housing taskforce designed to tackle housing supply shortages.
The taskforce is expected to report back to the government by September with advice on how existing planning systems and policy levers can be used to boost housing across the state.
“Regional housing markets are complex and unique, and there could be a whole range of factors driving housing constraints, and we need to unpack those, so we can deliver new housing opportunities for our regional communities.”
As part of the announcement, the government said that more than 18,000 new homes have been earmarked for immediate rezoning in Sydney’s south-west in suburbs including Macarthur, Glenfield, Leppington and Lowes Creek .
“It’s clear that as a result of the pandemic, demand for greenfield housing has increased even more than anticipated, so we are responding with new housing in some of Sydney’s best growth areas, the south-west and the Macarthur,” said Minister for Planning and Public Spaces Rob Stokes.
According to Mr Stokes, “Housing supply is not just important in Sydney but across our regions, which are experiencing strong growth as we bounce back from drought and as more people are working flexibly and remotely.”
The move comes as the Real Estate Institute of Australia has called on the federal government to address widespread issues around affordability and supply in the housing market.
Speaking at the National Housing Forum earlier this month, REIA president Adrian Kelly warned the housing affordability in NSW is at its worst ever, with home buyers losing 43.7 per cent of their income to loan repayments.
“With 235,000 new Australians expected to return in force by 2023-2024 after negative population growth, enabling supply is going to be critical.”
“Outlandish media headlines on housing affordability are all very well and good, but the reality is that we need to bring the state and federal governments to the table to tackling a housing supply plan using the same spirit, determination and funding we have used to fight COVID-19,” he said.