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The NSW Government released its 2025/26 Budget today, announcing the Government will guarantee pre-sales for up to $1 billion of housing projects at a time, including $5-50 million per project. They expect to be accepting applications by the end of 2025 and the program will last for five years.
“Pre-sales represent a major hurdle for new housing developments, especially higher density housing and apartments. Without sufficient pre-sales, finance is harder to obtain, often delaying construction,” added Mr Armitage.
“Multi-unit construction volumes have halved across NSW since last decade and represents a major obstacle to the state achieving its share of the housing targets under the National Housing Accord.
“The NSW Government Budget also includes measures to boost the local construction workforce and address the shortages of skilled trades that have persisted in recent years.
“Over 23,000 new apprentices will be trained in construction trades over the next two years as part of a $3.4 billion investment into skills and TAFE by the NSW Government.
“This will include funding for up to 90,000 fee free apprenticeships and traineeships for priority qualifications at TAFE NSW and NSW Smart and Skilled training providers, and support for 4,800 existing workers to enter NSW construction. Existing migrants will also receive re-training to the point of trade accreditation.
“Significant pipelines of public infrastructure and renovations work, and around the lowest unemployment rates nationwide on record, have kept skilled trades in short supply in recent years, despite the weakest couple of years of home building in over a decade.
“NSW suffers from the least affordable housing in the country, so it is very welcome to see the NSW government putting housing supply front and centre in today’s Budget.
“HIA looks forward to seeing greater detail related to these, and other Budget announcements and stands ready to work with the NSW Government to ensure their efforts help drive housing construction across the state,” concluded Mr Armitage.
“Home building materials have continued to experience only modest cost increases, up by 1.6 per cent in the 2024/25 financial year,” stated HIA Senior Economist, Maurice Tapang.
“Today’s interim report from the Productivity Commission overwhelmingly backs what HIA has long been saying - that the regulatory burden on businesses is getting worse in this country and there is need for a major overhaul on the approach to regulation,” said HIA Managing Director, Jocelyn Martin.
“The Housing Industry Association (HIA) welcomes the release of the Queensland Productivity Commission’s interim report into construction productivity It is a significant and necessary step toward overcoming the housing supply challenges facing Queensland,” said Michael Roberts, HIA Executive Director Queensland.
“New home building approvals in the 2024/25 financial year were up by 13.9 per cent compared to their 2023/24 trough,” stated HIA Senior Economist Tom Devitt.