New South Wales Budget emphasises housing development expansion

By the resi financial blog team, 23 June 2014

NSW budget focuses on housing in 2014

The latest budget release from the New South Wales government has committed to continued delivery of new housing across the state, highlighting an opportunity for potential property investment in the coming months. Furthermore, more jobs and infrastructure projects - including the creation and maintenance of roads - are also being generated across the region, as New South Wales continues to move into the future. 

The Department of Planning & Environment alone has committed $288 million worth of funding to these projects, with a particular focus on Western Sydney. Of this, $60 million will be used to help new homeowners in Western Sydney fund the gap between developer contributions and actual costs delivered by the council for infrastructure relating to new housing development. 

Minister of Planning Pru Goward said that $83 million for the Housing Acceleration Fund would be used to open up land in south western Sydney to help support the development of infrastructure in regions like Spring Farm, Camden and Edmondson Park - ahead of an influx of housing projects. 

"The $83 million extra for the Housing Acceleration Fund will help address housing affordability by boosting housing supply. It will make more land available more quickly to accelerate housing  development and directly tackle the housing shortage across our state," Ms Goward noted in a June 17 statement. 

"This allows councils to deliver local infrastructure at the same time as new homes are built, keeping home prices down and helping boost supply by easing the pinch points which can slow new housing development." 

There are a wide range of different projects expected to be undertaken across the New South Wales capital city and further abroad in the state with the funding, helping to maintain the region's place as one of Australia's fastest growing states well into the future. 

Categories: Home Loans, Property Investment