The Urban Development Institute of Australia (UDIA) NSW today welcomed the State Government's Plans to release land for us to 35,000 new homes in Wilton Junction, Menangle Park and Mount Gilead, saying a boost in supply will be a win for future first home buyers.
UDIA NSW Chief Executive Stephen Albin said the Greater Macarthur Land Release Preliminary Strategy was a positive step toward taking the pressure off the tight Greater Sydney housing market.
"Currently, it's incredibly difficult for young families to get into the housing market given that house prices have climbed 46 per cent in Sydney over the past three years*, and 13.9 per cent in the Illawara in the year to June 2015**," he said.
"Thirty five thousand more homes in the Greater Macarthur Land Release area will go a long way toward boosting supply, and ultimately stabilising the market to make home ownership accessible to everyone."Mr Albin said the announcement also brought certainty to investors looking to build homes, business spaces, aged care facilities, and associated infrastructure in and around the new release areas, and the number of new jobs created would be significant.
"The Government is showing it's serious about boosting housing supply, and it recognises that as it was, land supply in the south west would soon be exhausted," he said.
He said it was positive that the State Government was bringing all stakeholders to the table to make the release of more land happen - including the community, government service agencies and the mining, transport and development sectors - in a transparent way.
"UDIA NSW is looking forward to working with all stakeholders to help make this announcement a reality," he said.
He also congratulated the government for applying its 'Plan for Growing Sydney' and said the Institute was keen to know what role the Greater Sydney Commission will play in the implementation of this land release, and future releases.
*CoreLogic **APM Data