Economic boost from public housing revamp
The Government announced this week that they will privatise public housing in NSW to ease Sydney's housing affordability crisis. The historic decision to privatise public housing is expected to bring $22 billion worth of construction activity.
The hope is that by re-landscaping and removing the current ageing properties, new modern precincts can be built in their place and become the new model in apartment living in Sydney. The development is also hoping to attract large scale private sector funding and create new urban communities.
Property developers will be expected to form joint ventures with community housing groups to bid for the redevelopment projects. The decision to sell off land to the private sector will create the opportunity to build thousands of new homes. The level of investment promised by the government will also sustain the construction industry, provide new jobs and help NSW economy.
The Urban Taskforce is a property development industry group and represents Australia's most prominent property developers. CEO Chris Johnson said, “The timing is also right to help with Sydney's housing shortfall, despite the buoyant market”. He also commented that a good example of a government private and public housing development case study is the Washington Park precinct at Riverwood by developer Payce.
The redevelopment of billions of dollars worth of land will also enable community housing organisations to receive a third of the housing stock. Developers and local housing groups hope to build an integrated community with direct links to transport, education and support services.
Regardless of where you are in Australia, construction is an industry that is moving in the right direction. To learn more about the opportunities available, contact the specialist consultancy team at Design & Construct today.