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Saturday, March 25, 2017
In the wake of Sydney’s housing affordability crisis, the NSW Government has unveiled plans to encourage major housing development around rail stations, and new schemes to assist renters with buying their own property.
This new program aims to increase development of new housing near rail stations, targeting the areas outlined in the “priority precincts” program. This “priority precinct support scheme” plans to “assist in identifying and funding new community project in the growth area… and has allocated up to $10 million dollars for the area.”
In conjunction with the priority precincts program, the NSW government has also revealed plans to implement new schemes to improve housing affordability. In an interview, Planning and Housing Minister Anthony Roberts said the government’s housing strategy would focus on increasing affordability, choice and growth for people entering the housing market.
“We’ve got to house people,” said Mr Roberts. “This is a crisis. We’re almost at the point of no return.”
These new schemes have come around at a time where various government officials have been speculating Turnbull’s plans to allow young people to access their superannuation in order to pay for a house deposit, ahead of the May budget.
In an article written exclusively for The Sydney Morning Herald, Ex-Prime Minister Paul Keating has spoken out against these plans, saying, “the proposed diversion of these savings into housing would simply push up the price of the current stock of properties. It would add to demand while doing nothing to supply.”
“Only the most reckless and wilful government would abort the policy settings to put the system at risk.”