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Property Council welcomes housing led State Budget

The Property Council of Australia has welcomed today’s NSW State Budget which has a clear focus on housing supply and affordability.

Property Council NSW Executive Director Luke Achterstraat said announcements on Housing Supply measures, Stamp Duty and Shared Equity schemes were clear indications that the government has put housing at the top of their priorities.

“It’s great to see the NSW Government’s commitment to help Australian’s achieve home ownership and put housing front and centre,” Mr Achterstraat said.

"There is no doubt we are experiencing a housing supply crisis in NSW which is putting a strain on affordability, both in terms of ownership and rentals,” he said.

"The emphasis on assisting some of the state's most vulnerable people through this assistance program is a well-intentioned endeavour. For many Australians, their home is their most valuable financial asset so housing security can create financial security.”

Mr Achterstraat said the $500m committed to address housing supply in the State Budget would deliver more jobs and homes for the residents of NSW at a time when housing affordability concerns remained at high levels.

“Improving the planning system and delivering more housing supply are the biggest levers the state government has to address affordability,” he said.

“We are some 100,000 homes short of where we need to be in NSW so it is timely to support the private sector in getting on with the job of building quality homes and beautiful communities for the people of NSW.

Mr Achterstraat also welcomed the recognition and funding for infrastructure.

“There is an enormous difference between land that is simply rezoned and land that is ‘development ready’ – the missing ingredient is enabling infrastructure such as water, parks and transport,” he said.

“The $300m earmarked for enabling infrastructure needs to be delivered strategically and efficiently.”

Media contact: Aidan Green | E [email protected]