HOUSING NOW! WELCOMES NSW BUDGET INITIATIVES TO ADDRESS THE STATE’S HOUSING CRISIS
MEDIA RELEASE 15 June 2024
Housing Now! has welcomed the NSW Government’s new measures to tackle the state’s housing crisis, emphasising the urgency of turning development approvals into actual homes.
These are key initiatives that Housing Now! has strongly advocated for the NSW Government to embrace since the launch of the group in September last year.
Today’s announcement of additional measures to address bottlenecks in the construction of homes is a positive step towards resolving the state's housing crisis. The pilot project, designed to assist the construction industry in obtaining finance and accelerating the delivery of new homes, is bold and exciting if it can be rolled out.
Key components of the pilot include exploring whether the State Government should act as a guarantor for some development loans, and considering a government commitment to prepurchase a specified number of houses to boost confidence among lenders, developers, and builders. The guidelines for this program will be developed in consultation with financial institutions and applicants, ensuring a robust and effective framework.
Additionally, the NSW Government’s injection of $253.7 million to enhance the assessment of development applications will help deliver more homes and rebalance housing around existing infrastructure. This funding will support planners and other critical staff, speeding up housing, job creation, and infrastructure proposals driven by the government’s planning reforms.
The review of housing supply issues, led by the newly expanded Productivity and Equality Commission, is another welcome initiative. This comprehensive review will provide valuable insights and strategies to further enhance housing supply across NSW.
Comments attributable to David Borger, Chair of Housing Now!:
“Housing Now! has been a champion for these housing initiatives that have been announced today – speeding up planning approvals, upgrading technology and working with developers to get more houses under construction are key recommendations we’ve put forward.
"The NSW Government's investment in more planners and better technology like AI is very positive, but turning those approvals into actual homes is the real challenge.
"The rising cost of building materials, labour shortages, and access to finance have been major roadblocks. This new financing guarantee pilot could be a pivotal solution.
"Investing in planners and technology to speed up development applications is a critical move. It addresses years of budget uncertainty and will put downward pressure on planning approval timeframes, delivering faster state rezonings and assessments.
"These housing reforms are vital, but there is still more work to be done. We must continue to push for innovative solutions and sustained investment to ensure that we can meet the housing needs of our growing population.
“The Housing Now! Alliance will remain vigilant and proactive in advocating for policies that deliver real, tangible results for our communities.
“The Housing Now! Alliance looks forward to working closely with the NSW Government and other stakeholders to build on these initiatives and ensure that every effort is made to solve the housing crisis, providing affordable and accessible homes for all residents of NSW.”
Media Contact: Chris Taylor 0423 272 494
About Housing Now!
Housing Now! is an alliance of industry bodies, unions, councils, and community groups committed to being a voice for future generations who may never be able to afford to buy a home in Sydney. The group knows that the status quo is not working which is why is committed to championing bold new ideas with practical actions that will make a difference. The Chair, David Borger has extensive firsthand experience on housing matters having been a former Lord Mayor of Parramatta and a NSW Minister for Housing,
