The new NSW Premier, Barry O’Farrell, has announced plans to release 10,000 housing blocks in the state over the next four years.
Master planner Landcom has been charged with commencing work on the ambitious plan to make good on what was one of the O’Farrell’s pre-election pledges.
The move has been praised by Urban Taskforce chief executive Aaron Gadiel, who pointed out that no state has suffered a greater fall in new home construction than NSW over the last eight years.
"Sydney needs between 25,000 and 50,000 new homes each year,” said Gadiel. "But the city only secured 13,400 extra homes in the last financial year, and less than 3,000 of those homes were brand new blocks in Western Sydney.”
"Boosting Landcom's activity is good start on a long journey," he added. "But getting new home construction going again in NSW will ultimately depend on private sector development.”
Gadiel went on to call for a reforms to what he called the state’s “high development levies and complex planning processes”, adding that strong urban infrastructure investment would also be vital.
"We're optimistic that the government's reform agenda and investment plans will begin to address these issues in the near future," he concluded.
Do you have more than $200k in your super fund? You could use your super to buy property - Find out how
Top Suburbs :
east victoria park
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus and appointment is free.
We value your privacy and treat all your information seriously - you can check out