The Hidden Real Estate Gems Only Buyer’s Agents Know About in Sydney
admin January 22, 2025 The Hidden Real Estate Gems Only Buyer’s Agents Know About in Sydney Sydney, a vibrant metropolis,...
January 16, 2025
The Impact of Big Sydney: Key Changes You Need to Know
The NSW Government has announced 5-year housing completion targets to address the chronic shortage of housing in the state.
The aim is to deliver 377,000 new homes by increasing density in existing suburbs.
To achieve this, the government is incentivizing local councils and LGAs through four key initiatives:
- Rezoning areas near transport, reducing minimum lot sizes for subdivisions, and increasing density limits.
- Setting specific housing targets on a council-by-council basis.
- Allocating a $200M reward for councils that add houses, with funds dedicated to local infrastructure.
- Establishing a $1.6B accelerated infrastructure fund to fast track grants for upgrades to sports fields, bike paths, roads, and more.
How dense will your suburb become?
The table below provides a snapshot of housing targets across key Sydney councils.
The discrepancy in these housing targets is certainly interesting.
We can only imagine that the targets are a result of how dense each LGA (Local Government Area) already is, the existing access to transport, and the extent to which the LGA has lobbied to resist density.
SYDNEY LOCAL GOVERNMENT AREAS
CURRENT AND PROPOSED DWELLINGS 2024-2029
| LGA | CURRENT DWELLINGS | NEW COMPLETED HOMES BY 2029 | % OF INCREASE OVER 5 YEARS |
| Bayside | 73,897 | 10,100 | 13.66% |
| Blacktown | 133,985 | 21,400 | 15.97% |
| Campbelltown | 63,123 | 10,500 | 16.60% |
| Canterbury-Bankstown | 133,444 | 14,500 | 10.80% |
| City of Sydney | 138,184 | 18,900 | 13.70% |
| Inner West | 85,455 | 7,800 | 9.10% |
| Ku-ring-gai | 45,892 | 7,600 | 16.50% |
| Lane Cove | 17,341 | 3,400 | 19.60% |
| Mosman | 13,399 | 500 | 3.70% |
| Northern Beaches | 105,115 | 5,900 | 5.60% |
| Penrith | 81,253 | 8,400 | 10.30% |
| Randwick | 59,971 | 4,000 | 6.70% |
| The Hills | 64,084 | 23,300 | 36.30% |
| Waverley | 32,852 | 2,400 | 7.30% |
| Woollahra | 26,589 | 1,900 | 7.10% |
These are only targets, and even Minister Chris Minns acknowledges they are aspirational goals.
The $200M allocated to incentivize councils raises questions, as it equates to about $500 per home approved and built—a sum far from life-changing for councils.
Another challenge lies in how developers and acquirers will gain access to suitable land.
Sydney’s housing shortage and ever-increasing prices partly result from people hesitating to sell because they lack alternative housing options.
As more builders and developers compete to acquire sites, competition with regular homebuyers intensifies, pushing up prices further. This means supply and affordability may worsen before improvements are seen.
A new Sydney is on the horizon—a bigger Sydney and, hopefully, a better Sydney.
But for that vision to materialize, it’s essential to build the right typologies and mixes of housing, located where they are needed, constructed to a quality standard, and ultimately made available to citizens at an accessible price.
For more information or assistance, contact Ash Buyers Agency at +61 434 111 200.
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