Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Sydney: 10k affordable rentals on the way

By Bianca Dabu
25 May 2021 | 1 minute read
10K affordable rentals on the way

Changes to planning rules across Sydney are set to benefit lower-income households, with affordable housing on the state government’s agenda.

Advertisement
Advertisement

In line with the new changes to planning rules coming into effect from 1 July 2021, the NSW government will extend the City of Sydney’s affordable rental housing scheme, which requires new developments to make a financial or floor-space contribution towards new rental housing.

According to the government, the changes will ultimately mean “more affordable rental properties will be available in the city as new apartments and housing are built”.

The City of Sydney is set to welcome over 10,000 affordable rental properties in the next 15 years, with 600 already in the pipeline.

The scheme will be phased in over the next two years, reportedly to give developers time to adjust.

Despite being outperformed by regional rental markets in terms of growth, Sydney remains as one of the most expensive rental markets across the nation.

Domain’s latest research pointed to a 2.4 per cent increase in Sydney’s house rents and a 5.7 increase in unit rents over the 12 months to May.

This made the NSW capital the second-most expensive capital city rental market, with median house rent at $663.4 and median unit rent at $453.1 — surpassing the capital city average of $55 and $411, respectively. It follows Canberra, where median house rent is at $690.6 and median unit rent is at $492.7.

Planning minister Rob Stokes said that the affordable rental housing scheme will support the Greater Sydney Regional Plan, which aims to “rebalance growth and deliver benefits more equally and equitably to residents across Greater Sydney”.

The changes in planning rules will also coincide with new planning controls under the Central Sydney Planning Strategy, which is currently in the final stages of assessment by the Department of Planning, Industry and Environment.

Sydney: 10k affordable rentals on the way
sydney suburbs reb
lawyersweekly logo

Tags:

ABOUT THE AUTHOR


Subscribe to our RPM
mailing list

 

Do you have an industry update?

top suburbs

12 month growth
Travancore
49.78%
Timboon
49.57%
Dolphin Point
49.51%
Nyah West
49.42%
Preston Beach
49.29%
Newington
48.97%
Killcare Heights
48.89%
Wundowie
48.77%
Homebush
48.44%
Glenside
48.28%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.