20 October 2008
Todays population figures for Sydney and NSW reveal just how crucial property development is to our future, according to the Urban Taskforce.
The Metropolitan Strategys housing target for Sydney will need to be lifted – from 640,000 new homes by 2031 to more than 930,000 new homes, Mr Gadiel said.
Sydneys 2005 Metropolitan Strategy predicted that there would only be 980,000 extra residents added to the city between 2006 and 2031. Todays figures suggest that at least an extra 1.4 million residents will now be added in the same period almost 50 per cent higher than the 2005 plan.
The dramatic escalation in Sydneys population forecasts illustrates how desperate our city is for new housing and well-located employment, Mr Gadiel said.
The inner and middle ring suburbs of Sydney (out to Parramatta, Ku-ring-gai and Hurstville) will need new compact, job rich, pedestrian friendly communities built to meet the population challenge.
These suburbs will be particularly important in providing the smaller homes required by single person households, single parent families and older people who will make up a larger proportion of our community than ever before.
Western Sydney will play a vital role in providing new traditional freestanding family homes necessary to accommodate the enormous number of young families predicted to be added to the city at least 157,000.
Its critical that the existing modest target of 640,000 homes for Sydney is increased to match the new population projections.
Our preliminary estimates suggest that at least 930,000 extra homes will be required by 2031 however well be doing further work to identify more precise estimate in the near future.
Mr Gadiel said that we need to see rapid growth in new housing across Sydney.
The shortage of new homes has forced rents up.
In Sydney weve seen an 18 per cent increase in rents for three bedroom homes and a 15 per cent increase for two bedroom apartments in the last financial year.
Mr Gadiel said that its time to take the brakes off urban development.
Without a strong supply of new housing, rents will continue to sky rocket and first home buyers will struggle even more to save a deposit for a home of their own.
Local councils need to help get new development approved rather than fighting development in the name of existing land owners.
Massive development levies of between $70,000 and $90,000 a home are crippling NSW housing development.
Were aware of $4 billion worth of NSW projects that are the pipeline, but do not yet have final planning approval.
The Urban Taskforce is a property development industry group, representing Australias most prominent property developers and equity financiers.
