- The regional rental crisis is forcing teachers, doctors and tradies to live in their cars.
- Opposition leader Chris Minns said the South Coast is crying out for a 'fresh start'.
- The $30 million pilot program will deliver an urgently needed increase in rental homes.
The NSW Opposition is looking to tackle the housing crisis in regional areas that is forcing hard working essential workers, such as teachers, doctors and tradies, to live in their cars because they can’t find rental accommodation.
The NSW Labor party recently announced its commitment to deliver extra rental stock around Nowra on the south coast, through their $30 million Build-to-Rent (BTR) pilot program, if elected in March.
The Property Council of Australia’s Acting NSW Executive Director Adina Cirson welcomed the move to address the state’s record low vacancies and fast rising rental prices.
“Delivering more housing supply is the best chance we have of easing the regional rental squeeze across NSW,” Ms Cirson said.
Beautiful Shoalhaven region needs a fresh start
Located in the Shoalhaven region, Nowra is a 2.5 hour drive south of Sydney along the Grand Pacific Drive, and like many regional areas is suffering from extremely tight vacancy rates that have now reached crisis levels.
Opposition leader Chris Minns said the South Coast is crying out for a “fresh start” and more rental supply.
“This is a crisis – and we’re going to act, boosting supply and delivering more affordable rental housing in the regions,” said Minns.
Residential vacancy rates for NSW South Coast
Ms Cirson said NSW Labor’s plan to use surplus government land and purchase new land for BTR developments is exactly the sort of government intervention needed to tackle the housing crisis.
More exemptions for first home buyers
The Opposition also announced it would increase stamp duty exemptions for first home buyers to properties valued up to $800,000, as well as creating a standalone department known as Homes NSW to manage the state’s housing stock.
Ms Cirson said the move mirrors their recommendation and encouraged the Opposition to expand the pilot to provide subsidies to the private sector to also deliver all BTR projects, improve tax concessions and develop a BTR design guide.
“The Federal Government’s Housing Accord showed big capital is lining up to invest in the housing market and we shouldn’t stand in their way, which is why we also encourage the next NSW Government to lobby the Federal Government to reduce the 30 per cent withholding tax on foreign investment in Build To Rent developments,” she said.
Ms Cirson said offering a long-term rental subsidy to BTR providers to deliver affordable housing within BTR developments would ultimately deliver more housing supply to the regions.
“Under the program, a set percentage of dwellings could be provided at discounted rent via a 10-15 year subsidy to providers to meet the growing demand for secure long-term rental properties,” she said.
