Greater Sydney Housing Supply Forecast: 191,550 New Homes by 2023

Construction of 191,550 new homes in Greater Sydney is forecast in the next five years, a 22 per cent increase, or an extra 34,300 new homes, with Parramatta anticipated to become home to a vast majority of them.

As the top local government area for Sydney’s new housing supply, Parramatta is forecast to have 22,100 new dwellings by 2023, according to the NSW Planning Department’s latest housing supply data.

Along with Parramatta leading the charge, the top five local government areas for Sydney housing also includes Blacktown, Sydney, Liverpool and The Hills.

In its yearly update, the Sydney housing supply forecast provides information on where, when, and how many new homes are likely to be built in Sydney, and used to inform infrastructure planning to support new housing development.

The forecast also considers current residential developments that are either under construction or approved for development.

The new homes expected to be rolled out in the next five years is up from the 157,250 new homes completed over the past five years.

But Urban Taskforce chief executive Chris Johnson says the latest ABS data on construction work done for March indicates a decline in New South Wales.

“Our concern is that the Department of Planning are way behind in Sydney Housing Approvals so it is hard to see how they can forecast ahead without the real world data of the last eight months,” Johnson said.

“The ABS data on residential construction work done in NSW shows a drop of $586,505,000 between September 2018 and March 2019.

“This is a worrying trend on top of the big slowdown on housing approvals in NSW over the last year. The impact will be on the 300,000 jobs that the residential development sector generates.

“While there are positive signs for the residential housing sector at the national level there are still concerns at the NSW level and particularly at the Sydney level.”

Sydney’s population is projected to grow by around 1.74 million people to 2036, which would require up to 725,000 additional homes by 2036.

Read the original article here.

(Source: Dinah Lewis Boucher, The Urban Developer theurbandeveloper.com)


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