Illawarra s housing deficit to rise by 14 000

Illawarra’s housing deficit to rise by 14,000The Illawarra needs to accelerate housing supply or risk a widening deficit over 14,000 within a decade, according to a new report commissioned by the Property Council of Australia, Missing the Mark.The report shows that by 2024, the number of homes needed in the Wollongong, Shellharbour and Kiama Local Government Areas will have fallen short by almost 14,000.The report includes an audit of housing approvals since targets were first set in 2005 and shows:In the first decade since housing targets were set for the Illawarra, we have come up over 7,810 homes short – or 51 percentAnnual approvals over the past decade averaged 739 – against a target of 1,520Population projections show the Illawarra will need to produce 1,385 each year – but based on current rate of approvals, the annual shortfall is 646, or 6,460 over the decadeThe combination of under-performance in the first decade and projected shortfall in the coming decade means the Illawarra will be 14,270 homes short by 2024.Home building is critical to the Illawarra’s economy – and supports tens of thousands of tradespeople and other workers. So far, the Illawarra has lacked the volume and type of sites needed for new housing in both existing areas where urban renewal can occur, as well as greenfield housing.It is important that our Councils get on with the job of issuing approvals and delivering the housing required to keep pace with population growth. If we fail to keep pace with demand, we drive up prices and make housing less affordable for the next generation of homebuyers.These figures reinforce the need for NSW to overhaul its planning system to deliver additional supply and make it simpler, easier and more efficient.