- Under the scheme, developments need to make a financial or floor space contribution
- Should make more than 10,000 rental properties available over the next 15 years
- Part of the ‘Greater Sydney Region Plan’ which will look to create a “metropolis of three cities”
With the property market showing few signs of abating, more and more people are being priced out. A recent Salvation Army report, published today on The Property Tribune, showed that help requests had risen six-fold over the past year.
More than half of those surveyed said they found it difficult to meet basic living expenses. During lockdown, this had increased to 87%.
Meanwhile, across Sydney, median rental prices in the market are upwards of $680 a week for houses, and $470 a week for units.
Sydney
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In response, the NSW government is extending the City of Sydney’s affordable rental housing scheme past July 2021.
The scheme requires new developments to make a financial or floor space contribution towards new rental housing.
Lower-income households could benefit with more than 10,000 rental properties being made available over the next 15 years. 600 are already in the pipeline.
At the same time, from January 2023, all new buildings, hotels and shopping centres will need to comply with minimum energy compliance, and achieve net-zero energy output by 2026.
All this is consistent with the already-published ‘Greater Sydney Region Plan’ which will look to create a “metropolis of three cities”, that will “rebalance growth and deliver its benefits more equally and equitably to residents across Greater Sydney”, according to NSW Department of Planning, Industry and Environment.
Planning Minister Rob Stokes says the scheme fits with the objectives contained in the Greater Sydney Region Plan to put affordable rental housing targets in rezoned areas.
Affordable housing requirements for new developments will be phased over the next two years to allow projects to adjust to the scheme.
