Sydney will require the building of 1 million additional homes by 2041 and the housing industry in general will have to adjust to substantial but uneven population growth, climate change and different familial living arrangements.
The Berejiklian government is soon to introduce the state’s premiere housing strategy to direct the method and location by which NSW citizens will reside over the next 20 years.
Greater Sydney is anticipated to attain a population level of approximately 7 million by 2041 because of births and the new arrival of skilled migrants and international pupils, governmental estimates reveal.
The population increase means that the community will require 1 million additional houses by 2041 as a supplement to the standing 1.7 million residences in Greater Sydney as of 2016. Regional NSW will be in need of 240,000 houses.
The government asserts that 40,000 new houses will be required every year in Sydney for the next two decades to meet the demand.
In the year leading up to November 2019, 34,765 houses were approved in Greater Sydney, 14 per cent higher than the average of the last two decades, which was 30,373.
Of those houses, 60 per cent of all home development in Greater Sydney in the past five years has assumed the form of apartment units, three-quarters of which stood four storeys or more.
NSW Housing Minister Melinda Pavey stated that, for the first time in history, a long-time strategy would address all policy issues pertinent to residential living, from homelessness to house ownership.