NSW to spend $400m on housing construction

Font size :
New South Wales is set to shell out an additional $400m to transform land and make them ready for over 664,000 new housing units in the next 15 years.
 
NSW is also looking at spending another $19m to create a planning body to oversee the housing project for the state.
 
According to a report by the Australian Financial Review, the latest increase to the Housing Acceleration Fund comes on top of the $566.5m invested in the fund since its inception in 2012. This brings the total spent on land preparation close to a total $1bn.
 
NSW is currently leading Australia’s housing construction boom which is targeted to produce more than 200,000 new dwellings this financial year and the next. However, NSW needs to speed up the production of new homes after a decade of underinvestment, the report added.
 
NSW recorded 49,000 new housing starts in the 12 months to December last year, the highest since 2003.
 
"The Government is taking concerted action to address housing supply, and therefore housing affordability," Treasurer Gladys Berejiklian was quoted as saying. "With our surplus position, we have put an additional $400m in the Housing Acceleration Fund, the largest ever single contribution, to go directly towards the infrastructure required in growth areas and to bring housing to market as quickly as possible."
 
Moreover, Glenn Byres, Property Council of Australia NSW executive director, said he is hopeful that the state “continues to step up in the national tax reform debate and begin shifting away from inefficient taxes that hurt housing affordability and the economy”.
 

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan

Mortgage News and Articles

How to tell when a housing market is cooling How to tell when a housing market is cooling

You need to check clearance rates, listings, and the price gap, among other factors Read more

Growing demand for green apartments in Sydney Growing demand for green apartments in Sydney Both owner-occupiers and investors favour eco-friendly buildings for their energy-saving features and reduced environmental footprint ... Read more

Are property investors as rich as they appear? Are property investors as rich as they appear? A multi-property portfolio doesn’t guarantee easy millions ... Read more

Be proactive about getting a better mortgage deal Be proactive about getting a better mortgage deal Apathy could be costing you a considerable amount of money over the lifespan of your loan ... Read more

More mortgage news and articles

Sponsored Links

Saturday, Sep 23, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords