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545,000 new dwellings and 625,000 new jobs for Sydney; NSW construction sector to increase supply of new homes by 90% a year
Topic Started: 20 Mar 2013, 06:39 PM (2,581 Views)
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NSW to release new Sydney growth plan

19 Mar, 7:16 AM

The NSW state government is set to release an ambitious plan that would see Sydney set its highest targets yet for the construction of new homes and for job creation, according to The Australian Financial Review.

The state's government is set to release a 20-year Draft Metropolitan Strategy Plan to govern Sydney's growth while at the same time releasing a new Land Release Policy aimed at ensuring that new residential and commercial land is made available in the metropolitan area to facilitate the planned growth.

The plan calls for 545,000 new homes to be built to house 1.3 million people in the region by 2033, and marks a population growth target that is 17 per cent higher than the previous Labor government's target, released in 2010.

The strategy would require the NSW construction sector to build an average of 27,250 new homes and units a year, which is nearly 90 per cent more homes and units than the sector has built in any 12 month period over the last five years, the AFR reported.

Read more: http://www.businessspectator.com.au/news/2013/3/19/business-spectator/nsw-release-new-sydney-growth-plan
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NSW plans 300,000 jobs for Sydney’s west

20 Mar 2013

The NSW government says more than 300,000 jobs will be created in western Sydney as part of its vision for the city through to 2031.

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The associate director of industry research and forecasting firm BIS Shrapnel, Kim Hawtrey, said the plan was an overdue step in the right direction, but weakness in the construction sector was a problem.

“One of the constraints will be the availability of skills. We’ve lost about 50,000 construction jobs Australia-wide. What they’re proposing is potentially going to run into supply-side constraints. Who’s going to build these homes?” Mr Hawtrey said.

An average of 14,500 homes have been built in Sydney every year for the past five years, and the government will have to build 27,500 new dwellings every year in Sydney to reach its target. Mr Hazzard admitted that, while new housing starts were improving, they were still well off the mark.

Read more: http://www.afr.com/p/business/property/nsw_plans_jobs_for_sydney_west_DaGTyRkbVzQXs3xF3UP8cO
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genX
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Since we are already committed to broken window economics, why don't we find the shittiest houses in Sydney with fire insurance (should be at least 500,00 that meet that description), and burn them to the ground. Premiums will go up, which will mean GDP will rise, so it's good for growth, demolition companies will get work removing the rubble, builders will be employed in rebuilding those houses, building materials companies will sell more. GDP growth all round. No need for rezoning national parks or changing housing density in areas with groaning infrastructure. Win.Win.
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GloomBoomDoom
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genX
20 Mar 2013, 07:43 PM
Since we are already committed to broken window economics, why don't we find the shittiest houses in Sydney with fire insurance (should be at least 500,00 that meet that description), and burn them to the ground. Premiums will go up, which will mean GDP will rise, so it's good for growth, demolition companies will get work removing the rubble, builders will be employed in rebuilding those houses, building materials companies will sell more. GDP growth all round. No need for rezoning national parks or changing housing density in areas with groaning infrastructure. Win.Win.
Lol genX has really switched on the sarcasm mode tonight. :)
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Sydney housing: build it and they will inevitably buy

March 25, 2013
Ian Mylchreest

Super Saturday in Sydney lived up to its name with boom-like auction clearance rates and, incidentally, made a mockery of promises of lower home prices.

''We want to make home ownership, particularly the ownership of a backyard, a reality again,'' Premier Barry O'Farrell said last week. Opposition Leader John Robertson made the same pledge in February.

Barring some unimaginable economic catastrophe, though, neither party can reduce Sydney home prices from the present median of $646,400. Doing so would wreak havoc.

Housing costs have risen exponentially since World War II. In March 1953, you could buy a two-storey brick house with a slate roof in Balmain for £4000. If prices had only risen with inflation that would be a steal today at $124,000 - about one-tenth of the actual price.

The most thorough history of Sydney housing prices, by University of NSW economist Nigel Stapledon, concluded that prices have risen an average of 3 per cent a year since the 1970s, and in the past 20 years they went up even faster.

Many factors have kept prices spiralling upwards. The metropolitan population has increased by 1 million since 1991. Households are smaller than they were in the 1980s. More people living alone increases the number of buyers.

Two-income families can pay more and they are happy to pay extra to be near the beach or private schools. Negative gearing has become such a popular tax write-off that no government can wind it back even though it encourages too much investment in rental property. That money inflates real estate even more.

Prices may stumble for a quarter or two if interest rates or unemployment spike but the trend is inexorably upward.

When politicians promise ''affordable housing'' they are using hollow words they think we want to hear or they are clueless about what they are promising.

New subdivisions are likely to be built in recently won Liberal electorates like Smithfield, Campbelltown and Penrith. The government cannot be serious in saying it wants to drag down the value of these voters' homes. It would lose all credibility.

Despite Robertson's words, Labor's hands are also tied. As Mark Latham pointed out recently, the voters the party must win over no longer live in fibro cottages. They live in ''McMansions'' with large entertainment areas and stainless steel appliances. And they do not want to see home prices drop.

Landcom was launched in 1975 to create cheap blocks of land. It was only one of several government initiatives that barely affected prices. Land zoned for housing instantly becomes more valuable. Farmers near Sydney sell at the best price they can get and no government can repeal that law of economics.

Land for medium- and high-density projects in older suburbs commands an even greater premium. In 2010, for example, Mirvac paid $150 million for 10.6 hectares at Harold Park. Three-bedroom terraces in the billion-dollar project sold for $1.8 million - well above the price of existing terraces in Glebe. These infill projects create new houses but do nothing to reduce prices. In fact, developers add luxuries like polished granite and marble to increase prices.

Read more: http://www.smh.com.au/comment/sydney-housing-build-it-and-they-will-inevitably-buy-20130324-2gnt7.html
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'The heart of Sydney': plan to redevelop three-kilometre rail corridor

July 12, 2013 - 12:17PM

The rail corridor between Central and Eveleigh will be built into high rises and the space over rail lines will be developed as the state government calls for global investment to create a "new heart" for Sydney.

Planning Minister Brad Hazzard said the government would call for expressions of interest from around the world for the project that would develop up to one million square metres of space and create thousands of new jobs and homes.

The renewal corridor, comprising apartments, offices and public space, would stretch for three kilometres from the Goulburn Street car park in central Sydney to Macdonaldtown train station.

Mr Hazzard said the 15- to 20-year project would help achieve targets set out in the draft metropolitan strategy, which calls for 114,000 new central Sydney jobs and tens of thousands of new homes by 2031.

"The supply of new housing would also be a key component, not only for the broad community but also for students," he said.

It coincides with a flurry of infrastructure activity in central Sydney, including Barangaroo and the Darling Hrbour redevelopment.

Read more: http://www.smh.com.au/nsw/the-heart-of-sydney-plan-to-redevelop-threekilometre-rail-corridor-20130712-2pudd.html
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Stuart
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Well if the political class are going to do nothing about the supply issues, and they’re planning on leaving it all up to the RBA then frankly the better choice is to remove all lending constraints, both on domestic borrowers and on the banks offshore funding, and let the chips fall where they may.

They could then be free to gorge themselves to death all the faster, and hasten the inevitable destruction in a far quicker time. It would also consequently bring about a far quicker and fairer reset and recovery, such that those who were responsible for it would still be capable of sharing some of the pain.

The ZIRP policy with macroprudential controls is going to string any reset out to eternity ensuring the younger people of Australia are forced to bare the majority of the pain and of pay back. Young people have their entire lives to rebuild after a crash, what they don’t have is another 20 years to wait to try to save up to buy a house and start a family.

The biggest losers in this approach would be the boomers and co-opted GenX’ers who couldn’t wait. Hence I expect the self interest that has got us where we are today, will continue for at least the foreseeable future.
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Building to start on Green Square town centre next year

October 16, 2013 - 1:55PM
Toby Johnstone

Construction of the long-awaited town centre at Green Square is expected to begin next year now that the City of Sydney's $440 million proposal has been approved.

The NSW Minister for Planning and Infrastructure has signed off on new plans that will see 3,700 homes built and 8,500 jobs created in the urban hub four kilometres south of the city.

The first plans for the town centre were developed in 1998 and 2000 – with a completion date of 2025-2030, it is set to be a 30-year project.

Lord Mayor Clover Moore said she was "delighted" the government had approved the council's plans and said the town centre would be the "focus for the whole Green Square community”.

“We have budgeted $440 million for Green Square on an array of community facilities and infrastructure including roads, utilities and drainage, a state-of-the-art library, open spaces and an aquatic centre, as well as much-needed facilities such as childcare and a community hall," she said.

Sam Elbanna, from CPM Realty, remembers promoting the town centre to apartment buyers as long ago as 1999.

Mr Elbanna said the town centre would raise prices in neighbouring suburbs.

"Prices will jump quite quickly in the area over the next three to four years.

"I believe it is going to be the next Chatswood, but closer to the city," he said.

Read more: http://smh.domain.com.au/real-estate-news/building-to-start-on-green-square-town-centre-next-year-20131016-2vm72.html
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