New State planning laws that have been introduced this month will create more affordable housing to meet market demand, the
UDIA NSW Chief Executive Stephen Albin said the new legislation, which will allow for smaller lot sizes in growth areas, will take pressure off the housing market.
“Smaller lot sizes have been introduced into a number of existing NSW residential projects with great success,” he said.
“They have proven popular as they offer a more affordable option for first home buyers and people looking to downsize to a property with a smaller, lower maintenance yard.”
Mr Albin said the legislation reflects market demand and shows the government is putting measures in place to cater to a rapidly rising State population.
“For too long, there has been a fundamental mismatch between current planning rules and what the market wants,” he said.
“As a result, many young people have been locked out of the property market.
“With an extra 2 million people expected to be in NSW by 2031, introducing measures such as this legislation is vital.”
Mr Albin said it is critical that the NSW Government delivers the Metropolitan Strategy for Sydney and updated regional plans as soon as possible as the State needs clear roadmaps for growth.