More than half a billion dollars will be invested in new infrastructure funding and resources to unclog the arteries blocking housing development across NSW, Minister for Planning and Infrastructure Brad Hazzard said today.
Minister Hazzard said the 2012-13 Budget delivers a comprehensive package to accelerate housing development, stimulate private sector investment, and restore confidence in the NSW housing market.
“Housing starts fell to the lowest level in 50 years under State Labor. This Budget will bring forward the vital infrastructure needed such as roads and water supply, to accelerate new housing developments and directly tackle the housing shortage across NSW.”
The 2012-13 NSW Budget Building the State package includes:
Minister Hazzard said the Housing Acceleration Fund would enable an accelerated start on a list of 10 identified infrastructure projects in major housing growth areas across NSW including: Sydney, the Illawarra, Wyong and Port Macquarie.
Minister Hazzard said the 10 projects were selected following a rigorous assessment process by the Cabinet Taskforce on Housing Supply, to ensure Government investment is targetted to support new housing.
“The Government will work with private developers to share the costs of some infrastructure that might otherwise take years to deliver,” Minister Hazzard said.
“These critical infrastructure projects are worth $181 million and will support the delivery of up to 76,000 new homes to boost housing supply across the state.
“In addition, the Government has also committed $50 million for a new Urban Activation Precinct Program to deliver a long-term pipeline of urban renewal and infill development sites.”
Minister Hazzard said the Government will use the Program to partner with local government to ensure housing approvals are streamlined for major infill housing projects.
“Not only does this provide certainty for investors it also provides certainty to communities, who can now feel confident that this growth will be supported with the appropriate upgrades in infrastructure and services.
“An additional $30 million for the Local Infrastructure Renewal Fund will provide subsidised loans to local councils, encouraging even more councils to apply to the scheme which is expected to unlock over $1 billion in investment in local infrastructure projects.
“This is a whole of government approach to stimulate housing supply, which will put downward pressure on housing prices and get the NSW housing sector moving again,” Minister Hazzard said.