Solving NSW’s housing affordability crisis
At a briefing for members of the NSW Parliament earlier this month, the Property Council released a five-point plan to assist the NSW Government solve the housing affordability crisis in NSW.
The plan was earlier provided to Glenn Stevens, former Reserve Bank Governor, who has been appointed by Premier Berejiklian to provide expert advice about how to tackle the crisis head on.
The plan is based on extensive research and consultation undertaken by the Property Council that looks at the key drivers of house prices and what can be done immediately to make it more affordable to buy a home in NSW.
The plan provides the NSW Government with real solutions to the very real problem housing affordability has become; it is based on sound economic evidence from experts in the field.
“The five-point plan is a blueprint for action. Property Council members stand ready to build the houses NSW needs, we just need the government to take the policy and budget decisions to meet us half way,” Property Council NSW Executive Director Jane Fitzgerald said this month.
The five points to solve housing affordability crisis are:
- Turbocharging housing supply through increased land supply and planning reform.
- Reforming State property taxes and reducing fees, charges, and red tape.
- Better cooperation between all levels of government.
- Bridging the deposit gap and supporting first home buyers better.
- Supporting the rental market and fostering innovative, affordable rental product.
The five points address demand and supply pressures on the housing market to provide a well-rounded, achievable model. For each point of the plan, the Property Council has outlined steps the government can take now to alleviate the housing pressure in this State.
The plan is one that will make significant inroads in addressing the housing affordability challenge immediately and for the longer term.
The Property Council will continue to work with Glenn Stevens and the NSW Government further on the housing affordability issue.