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First time buyers 'hit hard by NSW reforms'

On Apr 18 2013
Tagged as:
  • Residential Property


First time buyers will "continue to struggle" in the New South Wales property market if ...

First time buyers will "continue to struggle" in the New South Wales property market if Tuesday's (April 16) planning proposals go through, according to Joel Pringle, campaign manager for Australians for Affordable Housing (AAH).

While industry groups such as the Grattan Institute, Urban Taskforce and The Committee for Sydney have all been positive about the proposals, AAH believes that the white paper's ban on developers' contributions to affordable housing will "exacerbate the housing crisis in NSW".

Currently developers' contributions are a key source of funding for residential properties in the state.

"These funds directly assist families in most need. Modest improvements in housing supply from these reforms will not address the hardship faced by these families," Mr Pringle explained.

The white paper proposals were released on the same day that the Real Estate Institute of New South Wales (REINSW) reported that Orana was the hardest place in the state to find rental accommodation for the third month in a row, with a 1.6 per cent vacancy rate.

Orana's division chair Mark Searle said in a statement: "REINSW believes there should be more incentives for investors and first home buyers."



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