Property Council NSW Executive Director Katie Stevenson said continue to fall far short of targets for new home completions and commencements across NSW.
“NSW remains in a housing emergency – ABS data shows completions rose slightly over the June quarter from 10,776 to 12,379, while home starts also ticked up from 9,445 to 9,850.
“To meet its ³Ô¹ÏÍøÕ¾ Housing Accord target of 377,000 new homes by 2029, NSW needs to complete 18,850 dwellings per quarter – that’s a more than 50 per cent increase on today’s number and a figure we haven’t even come close to since June 2019.
“It’s also important to note that these latest completions data reflect a cost environment that was more favourable than today’s conditions for building starts – meaning the worst could still be ahead of us unless urgent reforms are made,” she said.
Ms Stevenson said the data also shines a light on major hurdles in the NSW planning system.
“The NSW Government’s league table of council development application (DA) assessment performance shows only half of councils meeting the expected 115-day average DA turnaround, so the situation is bound to get worse unless freshly elected councils step up.
“At the current pace, NSW continues to fall drastically short, risking housing affordability and the dream of home ownership for so many,” she said.
Ms Stevenson said that without accelerated reforms to unlock supply, including decisive government action to address development feasibility, NSW risks falling further behind.
“Government taxes, fees, and charges now account for between 15-40% of the cost of a new home in Greater Sydney, slowing down delivery and pushing up prices. Without changes, we’re on track to miss out on over 100,000 new homes – equivalent to a city the size of Wollongong,” she said.
