The NSW housing minister insists the state is experiencing record high home approvals despite claims red tape is preventing developers from building hundreds of thousands of new homes on land in Sydney.
Research from the Property Council of Australia shows only 30,000 homes were completed in the year to June 30, 2016, even though there was enough land released to provide more than 160,500 new dwellings.
Property Council NSW executive director Jane Fitzgerald blamed the five-stage process between when land is released for development and when a home is finally delivered.
“The five-stage process is like a sieve with homes leaking from the process at multiple points severely restricting the supply of housing – Sydney needs these homes and there needs to be serious effort to plug the holes our analysis has found,” Ms Fitzgerald said in a statement on Monday.
“It is shocking to see how many potential new homes are being lost.”
NSW Housing Minister Anthony Roberts knocked back the claims, insisting the number of new homes being delivered in greater Sydney remains at a record high.
“For 45 consecutive months NSW has experienced record housing approvals which far exceeds the premier’s priority target of 50,000 approvals per year,” Mr Roberts said on Monday.
NSW also leads the nation in housing approvals, with nearly 69,000 new homes approved in the past 12 months, Mr Roberts said.
He insists there will always be a lag between when land is released and when dwellings are completed.
“Not all approvals lead to completions and our zonings are focused on creating great new communities with open space, community facilities and proximity to key transport,” he said.
There’s no suggestion the property market will slow down, with the government forecasting 184,300 new homes will be completed across Sydney in the next five years which is enough to meet market demand, Mr Roberts said.