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Low-cost housing in new residential developments across Sydney and regional NSW will be offered direct to first homebuyers and key workers under a new industry-driven initiative supported by the NSW government.
NSW minister for planning and housing Anthony Roberts launched the newly formed not-for-profit Housing Supply Association (HSA) in Sydney this week.
The HSA will work with government and industry to streamline planning and develop policy to reduce housing costs and increase housing supply.
The association is backed by commercial property experts and has the support of the police, ambulance and fire services. It will target moderate income earners, with a focus on key workers.
The launch comes as new revelations show some emergency services personnel are flying in weekly to Sydney from interstate or travelling large distances to maintain their jobs because they can’t afford to live there.
Minister Roberts has welcomed HSA’s commitment to help break the cycle of the spiralling property market, which is prohibitive for many new first homebuyers and prevents some key workers from living where they work.
“The NSW government is committed to working with businesses, organisations and local communities to address housing affordability, and those who are most disadvantaged in buying their first home or renting where they live,” Mr Roberts said.
“I commend the formation of the not-for-profit Housing Supply Association to assist in tackling these challenges and look forward to working hand in hand with all participants to break down the barriers for future generations of new home owners and renters and helping key workers to live where they work.”
Affordable properties will be made available for purchase and rental through the HSA, with caveats placed on sales to first homebuyers to ensure they are not on-sold for profit.
Criteria and allocations for rental property applicants will be determined by a sub-committee comprising representatives of key worker associations.
The HSA will also work with government and industry to secure property exclusively for those who need it most, with many properties potentially selling at 20 per cent to 30 per cent below market value.
Property allocation will also focus on ex-servicemen and women and people with disabilities.
HSA vice-president Aras Labutis said Australia was at a crossroads in addressing housing affordability for the average wage-earner.
“The HSA’s purpose is to increase affordable housing supply as part of an industry-wide response to a problem that now desperately needs action, not words,” Mr Labutis said.
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