New South Wales buyers and renters are set to benefit from the state government’s plan to radically boost housing supply.
Last week, NSW premier Barry O’Farrell said the government had joined hands with Landcom to release 10,000 new housing blocks across the state within the next four years.
Urban Taskforce’s chief executive Aaron Gadiel said the government action was “long overdue", as no state has suffered a greater fall in new home construction than NSW over the last eight years.
“Last year NSW produced only two-thirds of the new homes it produced in 2002, while Western Australia produced 28 per cent more homes than in 2002, Victoria produced 21 per cent more homes and South Australia produced 16 per cent more homes," Mr Gadiel said.
According to Mr Gadiel, the Sydney market needs between 25,000 and 50,000 new homes each year.
However, the city only secured 13,400 extra homes last financial year, with less than 3,000 of those homes in Western Sydney.
“In the last four years, rents for two bedroom apartments in the outer suburbs have soared by 44 per cent, while rents for two bedroom apartments have swollen by 41 per cent.
"Boosting Landcom’s activity is a good start on a long journey.”