At a Property Council lunch this afternoon, NSW Treasurer Dominic Perrottet announced the establishment of a working group to assess the viability of establishing a ‘build-to-rent’ asset class in NSW.
Read full media release below.
At a Property Council lunch this month, NSW Treasurer Dominic Perrottet announced the establishment of a working group across Government departments to assess the viability of build to rent in NSW.
The Treasurer acknowledged the importance of the sector in addressing the housing affordability challenge in NSW and the range of policy challenges that need to be overcome to make it reality including on the planning front, rental regulation and taxation at both a state and federal level.
“This is a good step forward to creating a viable market for build to rent in NSW; we know Property NSW is already doing preliminary work on exploring the potential of the sector and the industry stands ready to work hand in hand with the Government on the working group,” Property Council NSW Executive Director Jane Fitzgerald said.
“It is a sector that has already developed overseas and there is no reason that with the right policy, planning and tax settings, the sector cannot develop here in NSW.
“Creating a sustainable, affordable housing market in NSW means providing a diversity of housing options for the population and build to rent could be a viable choice to provide certainty to people who rent rather than buy
“Housing affordability in NSW is an issue that will continue to challenge State Governments, the Premier has set a target of 61,000 dwelling completions per financial year to 2020-21 but we need to think creatively and innovatively to ensure our children can afford to live in NSW.
“We look forward to working with the NSW government on the workforce and developing the build to rent sector further in NSW.”
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