Housing fund = More homes for Sydney

30 July 2007

Kevin Rudds commitment to a new $500 million Housing Affordability Fund means more homes for Sydney according to Aaron Gadiel, Chief Executive of the NSW Urban Taskforce. This fund will help fast-track the release of homes in Sydneys growth centres, Mr Gadiel said.


At the moment almost no lots for new homes are being released because of local and State Government infrastructure charges.


These charges add up to $110,000 for a fully-serviced lot that sells for only $300,000.


The new Housing Affordability Fund will help open-up the land release program by sinking extra money into vital infrastructure.


The dream homes of thousands of young families will be more affordable with this kind of Federal infrastructure investment.


This is a big win for mum and dad home buyers. Mr Gadiel said that the NSW Urban Taskforce has consistently called for federal involvement in infrastructure in new land release areas, repeating the call as recently as last week while at Kevin Rudds National Housing Affordability Summit.


The new fund will help fast track housing development, and mean more fully-serviced lots will be available, more quickly.


Its now up to the state and local governments to follow this example and inject more of their own money into new infrastructure.


Struggling home buyers cant be expected to pay for 35 years worth of infrastructure in one big hit, Mr Gadiel said.


The NSW Urban Taskforce is a property development industry group, representing NSWs most prominent and important developers, builders and property financiers. The NSW development industrys annual turnover is $35 billion and employs 180,000 people, accounting for six percent of the States total employment. It is the fifth largest contributor to the State economy.


Media Enquires:
Aaron Gadiel,
Chief Executive Officer,
Phone: 0417 477 904 or (02) 9238 3955

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