Greater Sydney’s home prices have escalated in 2021 with a new report warning of more escalations on the way. In essence, 42,000 houses will need to be constructed each year to adhere to the demand. NSW will construct 2,700 homes in the next three years. Rezoned suburban areas include Glenfield, Leppington, Willow Town Centre and Lowes Creek Maryland.
The Urban Development Institute of Australia (UDIA) presented a report which says the NSW government has been slow to make land available so houses can be built, and that this has supplied a shortage that is escalating home prices.
In addition, NSW Planning Minister Rob Stokes said that land in south-west Sydney would be rezoned to adhere to the demand.
About 18,000 houses could be constructed in Glenfield, Lowes Creek Maryland, Leppington and Wilton, the government stated — of which 2,700 could be prepared in three years.
Says real estate tracker CoreLogic Sydney, home prices rose more than 11 per cent in the year to the month of May. The UDIA said more must be done if the government is going to adhere to its own developmental targets.
We have a housing supply crisis that requires an instant change in planning and infrastructure delivery, says Steve Mann, chief executive of the industry group representing developers, and a land supply pipeline in need of greater depth.
Stokes said state and local governments must collaborate with developers to ensure the infrastructure doesn’t decline — as some residents say it has in Austral.
What has become evident is that there is enhanced demand especially for Greenfield housing, he said.
The pandemic produced a true focus — especially with first house buyers — for the conventional detached housing product that emanates usually from our green fields.
The government kicked off programs intended to make it easier for folks to access their superannuation and apply for a myriad of schemes.
Yet UDIA says that constructing more houses was essential to adhering to the needs of a growing populace.
It referenced a report presented a week earlier by NSW Treasury, which revealed 42,000 houses would need to be constructed every year over the next 40 years to adhere to the growing demand.
The NSW Intergenerational report discovered that 1.7 million new homes will be required by 2060-61 to support population growth and demographic trends.
The zoning includes:
- Glenfield: 7,000 dwellings, 30 hectares of open space, a new town centre and building heights up to 12-storeys
- Lowes Creek Maryland: 7,000 dwellings, 60ha of open space, 21 parks and public open spaces, six new playing fields and a combined primary and high school
- Leppington: 2,400 dwellings, 8.32ha of open space, 23.18ha zoned for infrastructure and a school site
- Wilton Town Centre: 1,600 dwellings and 17ha of employment land that could support 4,700 jobs.