NSW Premier Chris Minns says that an increase to housing supply has reached “urgent” levels, with the state staring down the barrel of being 130,000 homes short over the next five years.
The state government estimates that the state requires an approximate 900,000 additional dwellings by 2041 at current population growth figures. Those numbers do not include potentially required dwellings for international students or skilled migrants.
“I saw some statistics from the Productivity Commission that indicates that over a 12-month period, NSW produces about five houses per 1000 people. Brisbane and Melbourne are both doing six and seven on the same metric. So we’re falling behind by any measure,” Minns says.
The Labor Government hopes to build up not out, in a bid to create new dwellings in close proximity to established infrastructure.
It comes at a time when the entire Metro West project is up for review, with much of NSW’s future housing supply earmarked for the Parramatta to Sydney corridor that the rail will be built upon.
Minns is optimistic about the plan to fast track the construction of homes in Greater Sydney and the Central Coast, with 18,000 homes to be built in the regions by 2026.
“I do think we can accommodate more people in NSW. We need to make sure that we’ve got balanced growth, more apartments and towers closer to where there are jobs and opportunity and existing public transport infrastructure.”
In a bid to boost supply quickly, the state government is planning to place development approval power in the hands of the Planning Minister or Independent Planning Commission.
The change would be made for developments with over $75 million in capital investment value, as well as 15 percent of gross floor area dedicated to social or affordable housing. The potential move is seen as an incentive for property developers.
