A new report suggests that an injection of funding for key infrastructure items would dramatically speed up the supply of housing in the Illawarra and Shoalhaven.
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The Urban Development Institute of Australia NSW recently launched their ‘Building Blocks’ report in Wollongong.
The report indicates that up to 12,000 home sites in the Illawarra/Shoalhaven could be delivered in the next three years with an injection of funding for key infrastructure items.
The Building Blocks report for the Illawarra and Shoalhaven was prepared by Cardno in consultation with local councils and UDIA members.
The report suggests that by spending $15,000 per lot in West Dapto and $20,000 per lot in Nowra, the NSW Government could dramatically speed up the supply of housing in the region.
It says this would also take a significant cost burden off developers, and help them to deliver the housing at a more affordable price for the next generation of home buyers.
“This region needs road, electrical and sewer upgrades that could be delivered quickly if the NSW Government commits the funds,” UDIA NSW CEO Steve Mann said.
“Developers can't continue to cover the cost of all of this infrastructure if they are going to deliver home buyers an affordable product.”
The UDIA says there are funding sources like the NSW Government’s Housing Acceleration Fund that could cover the cost of these items and take them off the local councils’ balance sheet.
Mr Mann said the savings developers would make from reduced local contribution fees would flow through to savings for the people buying these homes.
“The UDIA is calling on the NSW Government to commit to funding this infrastructure in the interest of housing the next generation in our region,” he said.
UDIA NSW is a leading industry body representing the interests of the NSW property development sector.