12 October 2009
Young home buyers and renters will be punished if Sydneys growth is crippled in the name of agricultural ˜self-sufficiency, according to the Urban Taskforce.
The Taskforces chief executive, Aaron Gadiel, said theres no need to cripple Sydneys growth to preserve our agricultural ˜self-sufficiency.
The modern supply chain no longer requires our food to be produced close to urban areas, Mr Gadiel said.
Australia has a generous supply of agricultural land.
Most of Australias agricultural industry is located well outside the foreseeable areas of urban expansion and is not at risk.
In fact, agriculture is the only significant commercial opportunity for many Australian regions they deserve the opportunity to do what they do best.
In turn, young Sydneysiders who want a house and garden of their own should be able to pursue that dream.
Mr Gadiel said that Sydneys future as a liveable city has been at risk for too long.
Freestanding houses with their own backyard have been accounting for only 15 per cent of the citys new housing supply, he said.
NSW accounts for 33 per cent of Australias population, but it has only 14 per cent of the nations new house construction.
The struggle to secure a house has been tough for many the undersupply has pushed suburban rents to new highs.
In the last two years, rents for three and four bedroom homes in outer suburban Sydney increased by 22 and 20 per cent respectively.
The Urban Taskforce is a property development industry group, representing Australias most prominent property developers and equity financiers.
For every $1 million in construction expenditure, 27 jobs are created throughout the broader economy. The construction activity made possible by property developers contributes $69 billion to the national economy each year and creates 709,000 direct jobs. The construction industry is Australias third largest source of employment.