This article is from the Australian Property Journal archive
THE NSW government is launching a pilot program making more than 300 new affordable homes available to key workers.
The new Affordable Housing Pilot Program is set to be rolled out across NSW government-owned rail precincts, allocating surplus land for new homes in the Bayside, Blacktown, Inner West and Cumberland local government areas.
“From carers to cleaners to café workers, the people who keep our city functioning should not have to travel more than an hour to get to and from work,” said Rob Stokes, minister for infrastructure, cities and active transport.
“This new innovative model will empower stakeholders such as community housing providers to do their work without the barrier of having to raise large amounts of capital for the purchase of land.”
The program comes as residential supply remains tight across NSW, with Sydney’s vacancy rate at 3.1%, while rents rise in tandem with the cost of living.
Transport Asset Holding (TAHE) is now seeking providers to partner with in order to deliver this program.
“This is exactly the type of innovative program TAHE was set up to do. As NSW grows, TAHE can reimagine its land holdings to deliver better social and economic outcomes for the community,” said Benedicte Colin, CEO of TAHE.
“Collaboration between government landowners, combined with the innovation of the private sector, can help develop solutions to the complex problem of housing affordability.”
The announcement was welcomed by the Property Council of Australia, with its acting NSW executive director Adina Cirson reiterating the council’s support for utilising government-owned land to address housing constraints.
“The NSW Government sits on vast swathes of land that could be released for development to keep key workers in their jobs and on the frontline. We know that housing supply is not keeping pace with population growth, and each year we fail to meet our targets, the worse housing affordability gets in NSW,” said Cirson.
“The first tranche of locations included in the pilot are well-considered and targeted, but it’s critical the regions are included in future tranches.”
Future tranches of the pilot program will deliver additional affordable homes in locations across the Six Cities and in regional communities across NSW.
“The NSW Government should build on this pilot and set targets for higher density housing around key transport hubs to make better use of existing infrastructure and take pressure out of the market,” said Cirson.
“In order to unlock the full potential of this asset-class, the NSW Government should consider inclusion of Build to Rent within the pilot sites and we look forward to further discussing how this can best be done.”
Registrations are open to deliver the first tranche of homes at sites in the Bayside, Blacktown, Inner West and Cumberland local government areas.