Sydney’s latest five-year housing supply forecast, released today, anticipates a solid pipeline of construction to support the NSW Government’s record investment in transport, infrastructure and public spaces.
NSW Department of Planning and Environment Executive Director, Justin Douglas, said the new forecast shows almost 192,000 new dwellings will be built across the city during 2018/19-2022/23.
“Sydney needs to build 725,000 new homes in the next 20 years, or around 36,000 per annum, to accommodate a growing population,” Mr Douglas
“We’re forecasting to meet that demand over the next five years, with just over 38,000 homes per year on average planned for the city.
“It’s good news particularly for first home buyers looking to get into the market because it shows supply levels are solid, with more options for people looking to buy,” he said.
The forecast shows the top five local government areas where additional new homes will be built over the next five years are Parramatta (22,100), Blacktown (18,300), Sydney (14,850), Liverpool (11,950) and The Hills (11,700).
The forecast is used by NSW government agencies, local councils and others to inform strategic land use and infrastructure planning and service delivery to support new housing development.
“The forecast helps to inform decisions on future land use zoning to ensure there’s a solid pipeline of new housing supply," Mr Douglas said.
“It takes account of current residential developments under assessment, approved but not commenced construction, and those under construction, as well as analysis of likely future development under current zoning and planning controls.
“The preparation of the forecast has involved significant input from local government, the development industry, service providers, and State agencies,” he said.