Parramatta and Blacktown top Sydney’s official housing supply pipeline forecast

Parramatta and Blacktown top Sydney’s official housing supply pipeline forecast
Parramatta and Blacktown top Sydney’s official housing supply pipeline forecast

Sydney’s latest five-year housing supply forecast, written by the NSW Department of Planning and Environment, anticipates a solid pipeline of construction.

NSW Department of Planning and Environment Executive Director, Justin Douglas, said the new forecast shows almost 192,000 new dwellings will be built across the city during 2018/19 to 2022/23.

Douglas said Sydney needs to build 725,000 new homes in the next 20 years, or around 36,000 per annum, to accommodate a growing population.

"We’re forecasting to meet that demand over the next five years, with just over 38,000 homes per year on average planned for the city," he said. 

He believes it's good news for first home buyers as supply levels are strong and there are more purchasing options.

The forecast shows the top five local government areas where additional new homes will be built over the next five years are Parramatta (22,100), Blacktown (18,300), Sydney (14,850), Liverpool (11,950) and The Hills (11,700).

Parramatta and Blacktown top Sydney’s official housing supply pipeline forecast

"The forecast helps to inform decisions on future land use zoning to ensure there’s a solid pipeline of new housing supply," Douglas said. 

"It takes account of current residential developments under assessment, approved but not commenced construction, and those under construction, as well as analysis of likely future development under current zoning and planning controls.

"The preparation of the forecast has involved significant input from local government, the development industry, service providers, and state agencies."

Click here to enlarge

Parramatta and Blacktown top Sydney’s official housing supply pipeline forecast

Tags: 
Housing Supply Population Growth

Comments

Be the first one to comment on this article
What would you like to say about this project?