Long-awaited housing targets released by the Minns government will result in Sydney’s east being tasked with only about a 2 per cent greater share of new homes than under previous plans.
In western local government areas – including Penrith, Campbelltown and Fairfield – the share of new homes drops from 23.2 per cent to 22.4 per cent under the government’s new targets. In most eastern and northern LGAs, by comparison, the bulk of the new housing is not currently on council books. In Ku-ring-gai, Hunters Hill and Woollahra, less than 30 per cent of the new housing targets are in the pipeline.Planning Minister Paul Scully said there had been a radical change in the number of houses that needed to be developed, but “you don’t start with a blank piece of paper when it comes to setting five-year housing targets”.
Minister for Planning and Public Spaces, Paul Scully, said the government’s new housing targets show a sharp decline in reliance on new greenfield developments.The targets released on Wednesday come as developers increase their concerns about the industry’s capacity to deliver new housing due to the pressure interest rates have placed on construction costs.
“We’re not going to hit that next year, we all know that,” she said. “We have 70,000 under construction at the moment – that’s probably 18 to 20 months’ supply. So that’s 40,000 and then another 30,000 into the next year. If we hit 40,000 , frankly, I’ll be happy”.
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