UDIA NSW welcomes Labor’s commitment to pilot a Build to Rent housing program on surplus Government Land.
UDIA has called on both parties to deliver NSW’s fair share of the 1 million new homes under the National Housing Accord. This would require an additional 300,000 well located new homes in NSW over five years from 2024 and across the full breadth of housing types, including social and affordable housing, build to sell, rental, student, seniors and the emerging build-to-rent sector.
Build-to-rent is a growing sector in Australia, providing increased security of tenure alongside high amenity. It will form an important part of our future housing supply, attracting long term institutional investment to the market. However, it has been slow in NSW with currently only 1,200 BTR apartments under construction, expected for completion between FY23 and FY25 according to the August 2022 Charter Keck Cramer Report – and it is encouraging to see political parties on both sides promoting the growth of this product.
The proposal follows an announcement by the incumbent NSW Government at the UDIA NSW 2022 event in November that TAHE would pilot build-to-rent development on their land at Redfern-North Eveleigh for 500+ Units.
UDIA research commissioned to inform our State Election Campaign – Let’s Tackle the Housing Shortage, revealed that apartments are at the centre of the housing shortage.
With ABS data showing apartment approvals down by 32% this year and two thirds below their 2016 peak, it is critical that whichever party is elected in March delivers upon these commitments to increase the supply of new housing to help alleviate the affordability crisis in NSW.
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Media Enquiries:
Deanna Lane 0416 295 898 or dlane@udiansw.com.au