Extra 15,000 homes promised 'for a state that sorely needs them'
The NSW Government has set aside $1 billion to underwrite new new housing projects in the state.
Treasurer Daniel Mookhey revealed the plan as part of this year’s budget, promising to accelerate the delivery of up to 15,000 extra homes over the next five years.
“These are the projects that will add more low to medium density housing in neighborhoods people love to live in – the most challenging projects to deliver under current market conditions,” Mookhey said on Tuesday.
Under the plan, the government will guarantee a set number of homes in selected developments, with both projects and developers assessed on their “credibility, capability and capacity".
If the homes fail to sell, the government has committed to purchasing them at a discounted rate and offering them as affordable or social housing.
Mookhey said the flagship policy is "for a state that sorely needs them" and “for those in NSW renting a home, those wanting to buy a home, and those anxious about whether they, their children or their grandchildren will ever be able to afford a home".
"This Labor budget delivers even more investment for the workers, managers, entrepreneurs, innovators, investors and businesses wanting to expand in NSW, wanting to create more jobs, wanting to earn or pay higher wages," he added.
The state budget reflects the pro-build Federal budget under Prime Minister Anthony Albanese, who has pledged to create 1.2 million new homes over the next five years. This target, however, has fallen behind track since it was announced in late-2024.
