Media Archive / Focus on building homes welcomed but more work required to get keys in doors

Focus on building homes welcomed but more work required to get keys in doors

UDIA NSW welcomes a state Budget that puts planning and delivering new homes at its centre.

The Budget acknowledges challenging economic factors including higher interest rates and construction costs, have negatively impacted the feasibility of new residential projects, contributing to a decline in the number of dwelling approvals over the past year to their lowest level in a decade. “This budget has a number of positive initiatives to tackle the housing crisis however more needs to be done to get keys in doors earlier,” said Stuart Ayres, CEO UDIA NSW.

The budget confirms $555m to speed up the planning system and deliver enabling infrastructure required to build new homes. It also includes funding through the Building Homes for NSW Program for 21,000 market and affordable new homes and 8,400 social homes. This includes $450m toward constructing affordable apartments for key workers. UDIA NSW welcomes the renewed focus on Western Sydney and the Aerotropolis with over $5b allocated towards critical road projects needed to unlock housing and employment lands. However more work is required to encourage private sector investment in enabling infrastructure.

“The budget highlights how challenging an economic environment it is for developers and future home owners. More could be done now on works in kind, development contributions and coordination of infrastructure to unlock developable land,” said Stuart Ayres.

UDIA NSW looks forward to working with the NSW Government as it establishes a guarantee scheme to support private sector financing to increase the supply of new homes. “The commitment to a guarantee scheme to accelerate the completion of residential properties is welcomed and will get more projects under construction earlier, said Mr Ayres. NSW is in the midst of a housing crisis and this budget takes critical steps toward solving the crisis. However UDIA NSW recognises many of the interventions will take years to deliver homes, and more can be done sooner to address this significant social and economic challenge.


Media enquiries: Deanna Lane, Director Media & Communications UDIA NSW and National