UDIA NSW Annual State Conference

The demand for housing in NSW is growing while the supply is still insufficient, and the state government plans to reform.

✅ The Australian government’s “National Housing Accord” plan to deliver 1.2 million dwellings in the next five years is difficult to achieve. It is expected to have 166,000 dwellings completed in 2023 and 164,000 in 2024, which is still far below the target – 240,000 dwellings per year.

✅ Monica Gibson, Deputy Secretary of the Department of Planning and Environment: New South Wales needs 75,000 homes per year over the next five years from 2024 to 2029, for a total of 375,000 homes, to solve the current housing supply shortage crisis. However, at the current pace, only 50% can be completed by the 2028 financial year.

✅ Australian Bureau of Statistics: The number of net immigrants in the 2022-2023 financial year exceeded 400,000, and it is expected to remain high in 2023-2024. The total population increased by 563,200 over the past year, although the total number of dwellings approved for development fell by 23% in the past 12 months till August 2023.

✅ The latest NSW government budget announced in September (The Minns Labor Government’s 2023-24 Budget): Launch a $2.2 billion housing and infrastructure plan to support the construction of new homes and increase housing supply across the state.

Enjoyed the UDIA NSW State conference with a focus on housing crisis solution, and a lots of industry heavyweights giving their insights on the industry challenges. A big thanks to UDIA NSW for organising such a wonderful event!