Councils across Sydney will be under pressure to rezone more land for more housing, as part of the state government’s determination to increase the supply of new homes in the city.
The Treasurer, Dominic Perrottet, said about 75,000 homes were expected to be built next financial year, double the long-term average of 40,000.
“We are about to embark on a construction boom,” Mr Perrottet said.
NSW budget: ‘The envy of the western world’
Treasurer Dominic Perrottet unveils a budget surplus worth almost $12 billion, largely from property stamp duty and asset privatisations. Vision courtesy ABC
Nevertheless, the budget seeks to try and secure the increase in new housing through a range of spending measures, spread across both government departments and local governments.
Included among the budget measures are another $118 million over the next four years to “deliver new infrastructure, housing and employment initiatives, review land use and infrastructure strategies for priority growth areas.”
Another $19 million will be used to support the construction of 30,000 new homes in priority precincts in Sydney. And almost $70 million of increased spending will be allocated to fast-tracking the assessment of major projects, and helping merged local councils run planning systems.
This funding will be partly spent on “a specialist team to re-zone and to help councils accelerate re-zonings,” the budget papers say.
The Planning Minister, Anthony Roberts, said the government’s “number one priority” was to get more houses built in order to make new homes more affordable.
“We are working on many fronts to make owning a home a reality for more people, by streamlining and simplifying the planning system so housing approvals can be fast-tracked and are continuing to release and rezone more land,” Mr Roberts said.
The main direct policies aimed at potential home buyers were announced last month in a $4.3 billion housing affordability package.