Monday 25 November 2024
MEDIA RELEASE
Welcome Progress on TODs but Results a Mixed Bag
The Property Council of Australia has welcomed the finalisation of masterplans for seven Transport Oriented Development (TOD) Accelerated Precincts but warned that significant challenges remain to deliver the homes and jobs NSW desperately needs.
Property Council NSW Executive Director Katie Stevenson said the push for faster rezoning was a step in the right direction, but site-specific issues risked undermining broader housing goals.
“Today’s announcement shows more progress off the back of a busy few weeks of positive reform from the NSW Government, including the new Housing Delivery Authority and release of further surplus government land identified by their property audit,” Ms Stevenson said.
“So it’s disappointing that many homes that could have been delivered under this accelerated TOD program will not go forward in the near term because the settings simply don’t stack up, and industry feedback on how more homes could be delivered quicker has not been acted upon.
“In many locations, improvements have been made to affordable housing and density levels which is very welcome, but in others, projects have lost hundreds of potential dwellings overnight—including affordable homes. That’s a major concern.
“This is one of the most challenging environments industry has ever faced to deliver housing, and to make buying homes more affordable, we need to make building homes more viable,” she said.
Ms Stevenson said clarity was needed on the affordable housing provisions of the finalised plans.
“Flexibility in the affordable housing provisions will be key to making projects move from the spreadsheet to the shovel.
“That flexibility must include allowing developers to make either in-kind contributions of cash or stock in perpetuity. We need urgent clarity from Government that this will be the case.
“We also need to see Government reactivate the infill Affordable Housing bonus provisions – this is another practical solution to enable the delivery of more affordable housing in these key locations,” she said.
Ms Stevenson said it was vital that government and industry continue to work together to address barriers to development and unlock the full potential of the TOD precincts.
“We have said from the start that the success of the TODs will be measured by how many well-located homes are delivered and how quickly. Where the final master plans allow for that to happen, that’s a great outcome, but where the opportunity has been scaled back, that’s an issue.
“We’re hearing from industry that several precincts will still be the same as they are today five years from now, and that’s a missed opportunity.
“The housing crisis is not slowing down, and we need to act now to prevent it from becoming even worse,” she said.
Ms Stevenson said the continued emphasis on non-residential (commercial) floorspace in precincts like Crows News came at the cost of providing homes in well-located areas.
“This has the potential to create an oversupply in an office market well-served by the North Sydney and Chatswood centres, so we encourage government to reconsider this missed opportunity to provide more desperately needed homes in these locations.
“Importantly, there are solutions to address industry’s concerns, and the Property Council is keen to continue working collaboratively with the Government to make sure we get the settings right and more keys in doors as quickly as possible,” Ms Stevenson said.