Update: Sydney Housing Targets
The NSW Department of Planning, Industry and Environment has released updated housing targets for Sydney to 2022-23. The forecasts have identified the construction of 191,550 homes is expected over the next five years, which is an increase of 22 per cent or an extra 34,300 new homes, compared to the last five years when 157,250 new homes were completed.
The high level of new home construction comes on the back of strong housing approvals and commencements, a healthy economy and record low interest rates. In 2017-18 a record 42,500 homes were completed across Greater Sydney.
Over the next five years to 2023, Parramatta will be the fastest growing council area, with 22,100 dwellings built by 2023, followed by Blacktown with 18,300 dwellings, City of Sydney with 14,580 dwellings, Liverpool with 11,950 dwellings and the Hills with 11,700 dwellings.
The forecasts show a large increase in the number of dwellings predicted in Blacktown, Liverpool, the Hills, Cumberland and Ryde, compared to forecasts of three years ago. By contrast, the pace of growth is expected to slow in the City of Sydney, Canterbury-Bankstown, Ku-Ring-Gai and Georges River areas.
The forecasts are prepared by the Department of Planning, Industry and Environment on the basis of development already being built, development approved, and land rezoned for residential uses. For more information on the forecasts, visit the website here.