NRAS end a blow for Western Sydney hotspots: UDIA NSW

NRAS end a blow for Western Sydney hotspots: UDIA NSW
NRAS end a blow for Western Sydney hotspots: UDIA NSW

The Urban Development Institute of Australia NSW said that the move to end the National Rental Affordability Scheme is a blow for the western suburbs – an area that has been popular for investors and first home buyers due to its relatively low entry level prices.

According to the most recent NRAS Performance Report (June 2013), UDIA NSW chief executive Stephen Albin said that Western Sydney had seen the strongest take-up in the scheme.

Under NRAs, 154 homes were built in Penrith, 105 in Lakemba, 160 in Seven Hills, 106 in Bankstown and 50 in Parramatta.

“Clearly there’s a strong demand for this initiative in Western Sydney where growth is happening at a rate of knots and housing demand is far outweighing supply,” said Albin.

“The National Rental Affordability Scheme was one of a limited number of tools the federal government had to ease the housing stress for low income earners so it is incredibly disappointing to see it axed.”

Jennifer Duke

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

Community Discussion

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