A new idea has been sparked by an influential lobby group, the Committee for Sydney, to address the city’s shortage of affordable housing.
The group suggested the State Government should “unlock” the land above and around train stations to provide more affordable housing across the area. This can also reduce traffic congestion in the area, the Committee for Sydney claimed.
To strengthen the group’s move, Committee for Sydney chairwoman Lucy Turnbull sent a letter to Premier Mike Baird and the relevant ministers asking them to consider the development strategy which is based on a similar plan underway in London.
Real estate developers in London are building a mix of social, affordable and private dwellings above Tube stations at 50 sites around the English capital, the Sydney Morning Herald
In addition, Committee for Sydney chief executive Tim Williams said government-owned lands above and adjacent to train stations are not being used to their full potential.
"Somewhere in that land bank is a real opportunity to make a contribution to affordable housing if the relevant government departments and developers can take a co-ordinated approach," he was quoted as saying.
"If this can be perfectly feasible in Hong Kong and London, why is it not feasible in Sydney? It is possible throughout the world, so please don't tell me it's not possible in Sydney."
Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker