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The Albanese government has announced a $304.3 million investment to create nearly 60,000 new homes across NSW.
Included in this funding is a $76.1 million injection to build over 100 social houses across Parramatta, Blacktown, Campbelltown, Randwick, and Albury.
Of the rest of the funding, $228.2 million has been allocated to develop five public place projects, creating green and community spaces across the greater Sydney area.
This latest announcement is part of the National Housing Accord, aiming to build 1.2 million homes by 2029.
With recent months seeing targets fall short of expectations, there are hopes this latest initiative will help get things back on track.
Off the back of this recent announcement, the government has said it will also create 120,000 jobs.
Federal Minister for Infrastructure, Transport, Regional Development, and Local Government, Catherine King, said: “We’re turbocharging housing supply by delivering the infrastructure NSW needs.
“A place to call home is fundamental, but for too many Australians has been out of reach. Addressing housing shortages will take all levels of Government to respond, which is why we’re working in lockstep with the Minns Labor Government to fast-track housing development across the state. This means more homes, more jobs and more green space in well-located, well-connected growth areas.”
Property Council of Australia (PCA) praised the investment, especially the inclusion of social housing in the plan.
“We know the need for more social housing is real, with waiting lists exceeding ten years in many parts of the state, but buying existing dwellings is only a short-term fix. We need to invest in building more stock if we’re to make a significant dent in the affordability crisis and the pressures this creates on the state’s social housing stock,” said PCA NSW executive director Katie Stevenson.
“We have some confidence these opportunities exist thanks to the NSW Government’s record commitment to 8,400 new social homes in last year’s Budget. The shortage of social housing is an incredible challenge, and the industry is committed to working with the NSW Government to partner in the delivery of new social and affordable housing across New South Wales.”
HIA also welcomed the announcement but was more critical of the ability to meet housing targets.
Managing director of the HIA, Jocelyn Martin, said more is needed to improve housing accessibility across the state, calling on the government to allocate $12 billion over the next five years.
“We need to build 240,000 homes per year just to keep up with demand, yet last year we fell 60,000 homes short. Without a significant injection of funding for infrastructure, housing targets will be difficult to achieve,” said Martin.
“Regional Australia continues to grow, but infrastructure has not kept pace. This investment must include a focus on regional areas to ensure homes can be delivered where they are needed most. The Federal Budget must put housing and infrastructure front and centre – it is the foundation of a strong economy and a secure future for Australian families.”
The race to meet the target is important, especially for renters, as recent research from PCA revealed that if targets are met, they would save $90 a week on rent.
For NSW, if the 185,000 shortfall is addressed, renters could save up to $130 a week on rent. If Queensland bridges the 96,000 home gap, renters could save up to $80 per week. In Victoria, closing the 71,000-home shortfall could cut rents by up to $50 a week.
Currently, the ACT is the only state projected to reach the target. PCA CEO Mike Zorbas said missing the target would “set off a housing affordability time bomb.”
“Ideally, hitting the targets will make housing more accessible and more affordable for millions of Australians,” he said.
“Boosting housing supply is the only long-term, sustainable way in which we can boost affordability of homes to buy and to rent.”
[Related: Housing target already behind: Will we hit 1.2m homes?]
