The Minns Labor Government has released its NSW Budget, which aims to deliver new homes by leveraging surplus Government land and public housing construction to build more homes faster.
Housing affordability and availability is the biggest single pressure facing the people of New South Wales (NSW), according to the Government. A recently released US study revealed that Sydney is among the least affordable cities in the world.
Because of this, NSW is a city largely at risk of being unable to house young people. Therefore, the NSW Labor Government has been working on a comprehensive plan to address the housing crisis.
The 2024-25 NSW Budget
Delivering safe homes is key to resident wellbeing. The 2024-25 NSW Budget is a blueprint to build the housing the people of NSW need.
The NSW Government aims to deliver up to 30,000 well-located homes, close to infrastructure and transport with amenities, work opportunities, and surplus land to be made available for housing over the next four years.
The NSW Government has been conducting an audit of government land to identify surplus sites that are suitable for social, affordable or market housing. This audit has identified an initial 44 sites not being used by Government that are suitable for housing.
In many cases these sites have been left unused for years despite being located close to transport and other essential infrastructure.
The Government will make these sites available for housing, with Government developers – Homes NSW and Landcom – to have the first choice of sites for the delivery of social, affordable, essential worker and market housing.
Other sites will be developed into housing in partnership with the private sector. The Government will explore options to accelerate the delivery of housing on surplus sites where housing is to be developed in partnership with the private sector.
The locations of these sites will be made public over the coming weeks and months as they are transferred to housing delivery agencies or brought to market.
Measures will be determined on a site-by-site basis and may include streamlined planning processes, conditional contracts of sale or project delivery agreements. Any proceeds from these sites will be reinvested into new public housing construction.
Build to Rent homes for essential workers
The NSW Government has declared that it is aware that too many suburbs have become unaffordable for the state’s essential workers – such as nurses, teachers, police officers, paramedics and firefighters.
This budget includes $650.1m to build essential worker housing. The plan includes:
- $450m for a Key Worker Build to Rent Program to be delivered by Landcom across Sydney.
- $200.1m for key health worker accommodation across rural and regional areas of the state.
Over 400 homes will be built for essential workers in metropolitan Sydney under the Key Worker Build to Rent Program, while approximately 500 health workers will benefit in regional areas of the State.
This program will also support the Minns Labor Government’s election commitment to recruit and retain essential workers.
