State government’s housing intervention marred by loophole for investors
Amid concerns young Australians have been locked out of a wild property market, the NSW government has announced the construction of 18,000 homes in Sydney’s south-west.
The new precincts will include 7000 homes at Lowes Creek Maryland, 7000 at Glenfield, 2400 at Leppington and 1600 in Wilton.
Planning Minister Rob Stokes told Jim Wilson the scheme is aimed at making homes available to those who don’t own them, not established investors.
“There’s a lot more that needs to be done: land supply is only one of the levers that governments … have.
“There’s also the need for infrastructure, and that obviously costs money.”
However, property investors will not necessarily be locked out or legally prevented from purchasing the new homes.
“There are certain levers that are beyond my capacity.”
Press PLAY below to hear how the NSW government is responding to the housing crisis