22 July 2009
Land release for housing and jobs, flagged today by the NSW Government, will help protect Sydneys future, according to the Urban Taskforce. The Taskforces chief executive, Aaron Gadiel, said that Sydneys future as a liveable city has been at risk for too long.
Were thrilled that the government has recognised the legitimate concerns of the development industry, home buyers and renters, Mr Gadiel said.
Sydney needs to offer home buyers a choice.
Those young families who want a house and garden of their own should be able to pursue that dream.
Yet, in the recent past, freestanding houses with their own backyard have accounted for only 15 per cent of our new housing supply.
Mr Gadiel said NSW accounts for 33 per cent of Australias population, but it has only 19 per cent of new home construction.
The struggle to secure a house has been tough for many the undersupply has pushed suburban rents to new highs, he said.
In the 12 months to March, rents for three and four bedroom homes in outer suburban Sydney increased by 12 per cent, compared with an inflation rate of 2.5 per cent for the same period.
Were hoping these horror statistics will soon be a thing of the past, Mr Gadiel said.
Todays announcement paves the way for a long-lasting boost to Sydney housing development.
There will be increased opportunities for people to work in Western Sydney from both the construction jobs generated by the development of 3,300 hectares of land and from the ongoing jobs offered in new employment precincts.
For every $1 million in construction expenditure, 27 jobs are created throughout the broader economy.
The Urban Taskforce is a property development industry group, representing Australias most prominent property developers and equity financiers.
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.