This article is from the Australian Property Journal archive
NSW Labor opposition leader Chris Minns has committed to deliver much needed rental stock through a proposed $30 million Build-to-Rent pilot program.
If elected in March, a Labor government would launch a pilot housing program that would see surplus public land in the sear of South Coast transformed into new rental stock to address NSW’s regional rental crisis.
The plans were welcomed by the Property Council’s Acting NSW Executive Director Adina Cirson.
“Delivering more housing supply is the best chance we have of easing the regional rental squeeze across NSW,” said Cirson.
“NSW Labor’s plan to use surplus government land and purchase new land for BTR developments is exactly the sort of government intervention we need to tackle the housing crisis head on.”
Under the program, Landcom would identify the needed public land in areas most acutely facing supply shortages, with the developments to be managed by community housing providers or Homes NSW.
“This welcomed announcement mirrors our recommendation in our election platform and encourage the Opposition to expand the pilot to provide subsidies to the private sector to also deliver all BTR projects, improve tax concessions and develop a BTR design guide,” added Cirson.
With plans to expand the program across further regional areas in NSW, 30% of all dwellings established would be earmarked for social or affordable housing.
This comes as social housing waitlists were last week revealed to have 51,031 people waiting for suitable housing as at June 2022, up 15% from the same time in 2021, with the priority list also seeing a 13% increase to 6,519 people.
“Under the program, a set percentage of dwellings could be provided at discounted rent via a 10-15 year subsidy to providers to meet the growing demand for secure long-term rental properties,” said Cirson.
UDIA NSW also welcomed the commitment, calling the program “critical” to addressing the housing shortage across the state.
Ahead of the election, UDIA is asking both parties to commit to delivering “NSW’s fair share of the 1 million new homes under the National Housing Accord”. To do this, NSW would need a further 300,000 new homes in NSW over five years from 2024 across all housing types.
