This article is from the Australian Property Journal archive
THE NSW Minns government has revealed the second group of rezoning plans for its Transport Oriented Development to deliver more than 30,000 new homes across Bankstown, Crows Nest and Homebush.
The 31,855 new homes will include up to 3,348 affordable homes and will be supported by more than 20,000 jobs, the Bankstown, Crows Nest and Homebush rezoning proposals come in addition to the TOD Accelerated Precincts announced at Kellyville, Bella Vista, Hornsby and Macquarie Park.
The Minns government announced in December the TOD SEPP, which identified 31 stations across 13 local government areas around which new housing is to be located within 400 metres.
“The TOD Accelerated Precincts are part of a suite of interrelated planning reforms from the NSW Government to build better homes and better communities,” said Paul Scully, minister for planning and public spaces.
“These additional three precincts will help to deliver more well-located homes, close to transport and amenities, that are also close to new job opportunities as each of the rezonings enable a mix of residential and non-residential land uses, placing good homes and jobs at their core.”
The Bankstown TOD proposal is targeting 12,500 new homes and 15,000 new jobs, with between 375 to 1,250 affordable homes under the mandatory affordable housing contribution of between 3-10%.
The proposal will also include residential and commercial buildings ranging from 1 to 25 storeys around the new Metro station.
The Crows Nest TOD Accelerated Precinct rezoning proposal will feature 3,255 new homes and 2,600 new jobs, with between 325-488 affordable homes under a mandatory affordable housing requirement of 10-15%.
The Crows Nest TOD Accelerated Precinct is also in an area earmarked for growth and renewal through the St Leonards and Crows Nest 2036 Plan.
This will see the amount of affordable housing near to Royal North Shore Hospital under the recommendations of the plan.
Additionally, six sites have been identified in the proposed plans as having capacity to deliver 15 per cent affordable housing, through incentives such as height and floor space ratios.
The Homebush TOD Accelerated Precinct spans around 200-hectares of land between the Sydney and Parramatta CBDs, with the rezoning to result in a variety of land uses including g residential, commercial and recreational all within walking distance of existing train stations and a future Metro station.
The TOD will comprise 16,100 new homes and 2,670 new jobs, with between 805-1,610 as affordable housing under a mandatory affordable housing contribution of between 5-10%.
“These precincts provide more homes for all stages of life, whether people are renting, downsizing, or jumping on the property ladder for the first time,” added Scully.
With construction costs are still up 27.6% compared to the start of the pandemic and over 37,000 dwellings in Australia sitting between having being approved and construction getting started, according to KPMG.
