The Property Council of Australia has welcomed the announcement of the NSW government’s economic recovery strategy to provide thousands of new jobs and social housing properties.
In particular, the government has allotted a total of $183 million to expedite the creation of more than 1,400 new houses in areas that need it most.
Luke Achterstraat, NSW executive director at Property Council, acknowledged the substantial impact homelessness has on employment, welfare, and society as a whole.
“Investment in [housing] includes direct expenditure in providing support to the individual, as well as the costs of the adverse outcomes of homelessness such as mental health problems, and lower employment rates and wages,” Achterstraat said. “By investing to address homelessness, we can achieve the social outcomes while also supporting the economic recovery of the state.”
Together with the members of Good Growth Alliance, the Property Council continues to push for housing supply, affordability, security, choice and diversity. As such, the $183 million investment will fund several housing projects that target the most vulnerable sectors.
$50 million are devoted to accelerating the delivery of around 2,800 homes—1,000 of which are social homes—to be built in Western Sydney, Wagga Wagga and Coffs Harbour. Another $50 million will go to 290 new social homes in partnership with community housing providers through the Community Housing Innovation Fund (CHIF).
The rest of the fund is budgeted for Aboriginal families to reduce overcrowding and rent assistant packages to maintain residence in the private rental market.
“Sydney strives to be one of the most liveable cities in the world, and to do that justice, we have to ensure we are liveable for all people,” Achterstraat said.
