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{{propApi.successMessage}} {{region}} Change locationThe NSW Budget builds on existing housing supply reforms
The NSW Budget builds on existing housing supply reforms
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“Although these measures are modest, they build on existing reforms aimed at increasing housing supply.
“Facilitating the use of pre-fabrication and modern methods of construction, will foster greater innovation in the sector and assist with enhancing productivity.
“Improving dispute resolution processes is also desperately needed. The current processes are placing unnecessary strain on both builders and the homeowners. Funding in the Budget to develop a process that is clearer and much fairer for all parties involved is great news and long overdue,” added Mr Armitage.
“Feasibility remains a key barrier to housing delivery right across NSW so the expansion of the Government’s pre-sales finance guarantee will help to get shovels in the ground for more projects much sooner. Funding for roads and infrastructure to unlock development particularly in Western Sydney is also welcomed.
“The Budget includes changes to the Foreign Investor Surcharge for Build-to-Rent and retirement villages. Whilst this will encourage more investment in these developments, broader changes are needed to promote greater investment and improve feasibility right across the housing sector.
“Today’s State Budget is a small step forward, but we still have a long way to go to get anywhere near to building the number of new homes needed to meet demand,” concluded Mr Armitage.
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HIA will continue to update you as we receive further advice and information on the ongoing transition from Domestic Building Insurance (DBI) to the First Resort Home Warranty Scheme (FRHWS).
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