Major funding boost to supercharge housing supply
The NSW Government has committed almost $500 million unlocking land and accelerating housing infrastructure to help enable hundreds of thousands of new homes across the State.
Announced today as part of the 2022-2023 NSW Budget, Premier Dominic Perrottet said housing supply, ownership and affordability are some of the State’s biggest challenges and in order to keep up with the demand, the NSW Government is making some major strategic investments.
“This is about getting keys in doors with this commitment supercharging housing supply to help people across the State get one step closer to home ownership,” Mr Perrottet said.
“Being able to buy a home has a huge impact on where people choose to live, work and raise a family and this investment will help give people more choice and deliver a brighter future for NSW families.
“We know one of the biggest constraints on housing supply is a lack of supporting infrastructure like water, roads, sewers and parks. So we are rolling out a $300 million investment to help councils deliver the projects that help grow our communities.”
Treasurer Matt Kean said strengthening the planning system will enable more homes to be built on existing and new land, and at the pace needed to meet the growing needs of the community.
“Prioritising planning assessments for new homes will make it faster for high quality planning proposals to be approved,” Mr Kean said.
“We are anticipating hundreds of thousands of homes will be delivered sooner, through faster state and local rezonings and approvals.”
Minister for Planning and Minister for Homes Anthony Roberts said the Government is enabling the private sector to get on and deliver more supply for the people of NSW.
“One of the key recommendations from the Regional Housing Taskforce was the lack of infrastructure being built in our regional communities. This investment will help regional NSW keep up with current and future demand,” Mr Roberts said.
“It’s important that industry receives the certainty they need to deliver housing supply for our growing population both in Sydney and in our regions.”
This new investment is part of a suite of end-to-end housing measures aimed at making home ownership a reality for more people in NSW.
The $500 million of the NSW Government’s 2022 Housing Package will deliver:
- $300 million to co-fund and accelerate the delivery of ‘shovel-ready’ infrastructure projects that will enable new homes in Sydney and key regional areas;
- $89 million to unlock more homes sooner state-wide through faster planning assessments;
- $69.8 million to accelerate the rezoning of key housing precincts in Sydney and regional areas to make more land development-ready for new homes;
- $33.8 million to address housing supply in Regional NSW and create a 10-year regional housing supply pipeline that will make housing and infrastructure delivery more certain, and
- $3.8 million for ‘call-in’ team for accelerated council led rezonings.