Sydney to receive 171,700 new homes
Buying residential property in Sydney could be set to become easier thanks to a new state government initiative that aims to tackle housing affordability.
NSW premier Barry O'Farrell said the new supply program will deliver up to 171,700 dwellings across the Harbour City - not only making it financially easier to make the transition to homeownership, but boosting activity in the city's construction sector.
"This massive program will see a wide range of housing types built to suit all budgets in existing suburbs and in new release areas – with jobs, shops, schools, parks and transport all close by," Mr O'Farrell commented.
"We understand people are concerned about rising housing costs in Sydney and the delivery of these tens-of-thousands of new homes will assist in improving housing affordability."
Speaking in Box Hill in north-west Sydney on Saturday (March 16), Mr O'Farrell said sites in 31 new and existing suburbs has been identified to accommodate 111,7000 homes, while an additional 13 sites hold the potential for a further 60,000 dwellings.
Employment areas will also be created around the new property developments to ensure that their liveability is viable in terms of finding a job nearby.