[+] NSW Election: Where the Parties Stand on Property

Housing affordability and availability are hot-button issues for the New South Wales election on Saturday, March 25. The Urban Developer has canvassed the major political parties on how they planned to tackle these issues and the glacial pace of New South Wales’ overwrought planning processes. The current state of play The number of those on the NSW housing waiting list passed 57,000 in 2022, and the number of priority applicants for housing who were at risk increased by 13 per cent. In Sydney, house rents jumped 12.1 per cent between December 2021 and December 2022 and 10.3 per cent in regional NSW, according to Domain’s Rent Report. ▲ NSW premier Dominic Perrottet will be lead his party to the election as the Liberals aim to win a fourth term. NSW Liberal Party (encumbent) Party Leader: Dominic Perrottet Minister for Planning and Housing: Anthony Roberts Under the NSW Liberals, the first homebuyer choice subsidy scheme came into effect in January this year. The scheme allows first homebuyers to choose between paying a land tax of $400 plus 0.3 per cent of the land value each year, or stamp duty. Annual tax was capped at a set number of years depending on the property value with 36 years for $800,000, 28 years for $1 million and 26 years for $1.25 million. Stamp duty was also made refundable between November 11, 2022 and January 15, 2023 to allow people to make the choice “This will help many first home buyers get into a home sooner,” NSW minister for planning and homes Anthony Roberts said at the time. The Liberals also announced a new emissions reduction target of 70 per cent by 2035 and a ban on rent bidding. The party launched a $2.8-billion NSW Housing Package last year, fast-tracking critical infrastructure, rezoning and investing in key worker housing for regional communities. “This is the biggest investment to address housing in NSW ever,” Roberts said. A whole-of-government response to the Regional Housing Taskforce’s findings that estimated 127,000 new homes during the next decade in regional NSW was announced in August. Trunk infrastructure, desperately needed in regional areas, was given a boost with the latest round of the $300-million Accelerated Infrastructure Fund. Councils received assistance to push through a backlog of planning proposals and development applications with the $11.5-million Unblocking Homes program. During the next four years, the party has plans for a $174-million key worker housing program with 271 homes for teachers and police in regional areas with 10 homes already settled. Rezoning is also a future focus with a program to rezone areas to deliver 70,000 homes by June 30, 2024. ▲ NSW Labor leader Chris Minns and fellow ALP candidates. NSW Australian Labor Party Party Leader: Chris Minns Shadow Minister for Planning: Paul Scully As a first step, NSW Labor plans to merge the Land and Housing Corporation, the Aboriginal Housing Office and the Department of Community and Justics Housing into a new department Homes NSW. “There are currently more than 30 agencies not including utilities and local governments who touch on the planning system in one way or another and have some sort of responsibility,” Labor shadow minister for planning Paul Scully said. “Those agencies are across five different portfolios, and some of them are in different clusters within the New South Wales government’s operating arrangements. “So what we would do if we’re successful in March, is bring those agencies and responsibilities under the responsibility of the Minister for Planning and get projects going.” The party also plans to spend $30 million on build-to-rent housing in Nowra on the South Coast. There is a policy to abolish stamp duty for first homebuyers buying properties valued up to $800,000 and a concessional rate introduced for those buying properties valued between $800,000 and $1 million. NSW Labor estimates that 95 per cent of all first homebuyers will be assisted by the plan. Labor will also scrap the Liberals recently introduced first homebuyer choice subsidy scheme, which costs $800 million. The ALP also wants to introduce changes to the rules for renters with pets with owners having 21 days to decide on applications with reasons provided for any refusals. A portable bond scheme for renters is also on the cards. NSW Labor also plans to mandate that 30 per cent of housing on surplus government land must be social, affordable or universal housing. ▲ NSW Greens candidates Jenny Leong, Cate Faehrmann, Amanda Cohn and Lynda-June Coe. NSW Greens (The party does not put forward a leader per se.) The Green plan to introduce an immediate rent freeze and end no grounds evictions, something that the NSW Labor and Liberals blocked the Greens from introducing last year. Better minimum standards for rental accommodation including insulation, heating, energy efficiency and waterproofing are also on the list as is a portable bond scheme. Rent bidding and third party platforms will be banned and tenancy databases and lease applications regulated. Renters will be allowed to have pets and internet access, and landlords will face heavy penalties for breaching responsibilities. Affordable housing is part of The Greens platform with promises to require developers to include at least 30 per cent ongoing affordable housing in all new large private residential projects. A ban on selling public housing or public land that can be used for housing is also part of the platform as is legislation that at least 10 per cent of all housing in NSW be either public or not-for-profit social housing. Enabling and funding councils to meet affordable housing targets is also on the list as is supporting shared equity, co-operative housing and other community housing models. There will also be a 5 per cent empty homes levy on homes left empty for over six months with funds used for public, social and affordable housing. Owners of residential owner-occupied properties worth more than $10 million or an improved value of more than $20 million will have to pay a 4 per cent flat land tax. Land tax rates will also increase above the premium threshold for anyone owning property that isn't a primary place of residence from 2 per cent to 5 per cent. The Premium Threshold will expand to include investors who own more than eight residential properties. Abolishing the build-to-rent 50 per cent land tax concession is also on the cards unless the projects have at least 30 per cent ongoing social and affordable housing on private land and 100 per cent on public land. You are currently experiencing The Urban Developer Plus (TUD+), our premium membership for property professionals. Click here to learn more.

[+] NSW Election: Where the Parties Stand on Property

Want to read more?

The Cloud in Your Basement: How Cooling Tech Will Reshape Data Centres

From Singapore to Sydney: Centurion Digs into Australian Living Sectors

How Designing for Connection is Creating Highrise Returns

Launching Queensland’s Future: The Man Guiding the Million-Home Plan

AI Gaining Pace But ‘You Cannot Synthesise Soul’

[+] NSW Election: Where the Parties Stand on Property

Want to read more?

The Cloud in Your Basement: How Cooling Tech Will Reshape Data Centres

From Singapore to Sydney: Centurion Digs into Australian Living Sectors

How Designing for Connection is Creating Highrise Returns

Launching Queensland’s Future: The Man Guiding the Million-Home Plan

AI Gaining Pace But ‘You Cannot Synthesise Soul’

Mirvac Adds Bullsbrook Site to Perth Greenfield Plans

Rich-Lister Jobs Queen Pitches Pencil-Thin Brisbane Tower

Eight-Storey Hotel Planned for Mexican Pub Site at Liverpool

Mirvac Adds Bullsbrook Site to Perth Greenfield Plans

Rich-Lister Jobs Queen Pitches Pencil-Thin Brisbane Tower

Eight-Storey Hotel Planned for Mexican Pub Site at Liverpool

Why Built Environments Demand Layered Thinking, Not Siloed Delivery