Australians are becoming wealthier – and it’s thanks to property
Wealth per capita is now sitting at a record high of $522,032, thanks to record-high property prices. ...
Just under 100 new homes will be built in Sydney’s north-west after the project was given the go-ahead by the NSW government.
A $332 million property development project in Sydney has been given the go-ahead by the state government.
Located along Sydney’s Metro line, the property development will encompass 17 new structures in total, covering a mix of residential, retail and commercial spaces ranging from two to eight stories in size.
Minister for Planning and Public Spaces Rob Stokes confirmed that the development includes a total of 987 new homes, “including 50 apartments dedicated to affordable housing”.
“Increasing our housing supply is one of the key ways for us to provide more opportunities for first home buyers to get into the market,” he said.
“Boosting supply is about facilitating the right development in the right place at the right time and by providing homes near the new Metro, we are fulfilling this need.”
The move has been celebrated by industry advocates like the Property Council of Australia, with acting NSW executive director Lauren Conceicao calling it “a positive move to ensure more homes were delivered for the people of NSW”.
Ms Conceicao encouraged the government to release more housing options like that included in this development, arguing that first home owners in Australia will be better served by greater diversity in living options.
According to her, “the everyday Australian is relying on their government to take action, take a stand and address this issue that affects so many of us”.
“Leveraging infrastructure investments such as the Metro line gives new options to housing supply and diversity, and is an important piece of the housing supply puzzle that we so desperately need to complete.”
“We are pleased to see that this announcement recognises the opportunities that lie ahead in new infrastructure investments, rezoning existing land near infrastructure and prioritising housing development early in the planning process,” Ms Conceicao said.