There has been a flood of interest, the equal of 40,000 homes, in the NSW call for expressions of interest.
Three weeks after the process opened, the authority (HDA) had received 85 EoIs for metropolitan areas and 11 for regional NSW, well in excess of state expectations.
There could finally be a chance for NSW to hit its Housing Accord targets with developers, over barely three weeks, filing their interest to build 40,000 homes.
It has come as little surprise to industry lobbyists, who point to the huge uptake for the state significant development pathway to approval as one of the few ways to get a project to stack up.
Urban Taskforce chief executive Tom Forrest said the group had been crying out for this sort of policy-led response to the housing crisis for 10 years.
“[By] removing the straitjacket approach of top-down prescriptions from planning bureaucrats, the market has responded accordingly with a flood of proposals for housing across the state,” Forrest said.
“The near 100 EoIs received since January 8 this year shows the scale of the pent-up demand from the industry for a fresh approach from those responsible for planning regulation.”
NSW planning minister Paul Scully said that, ultimately, getting homes built was the priority of the scheme for major housing developments above about $60 million in Greater Sydney and $30 million in regional NSW.
“We expected 80 to 100 EoIs in the first year, so to see this many in less than a month signals trust from the industry,” Scully said.
“This pathway is about seeing good quality projects move through the planning system faster.
“As part of that process, if we don’t see shovels in the ground in two years, proponent will lose their approval.”
Forrest said there was finally a chance NSW could reach its Housing Accord targets, providing EoIs were approved.
“The HDA now has the capacity to turbocharge the housing approval numbers in NSW,” Forrest said.
“Even better, because they are based on EoIs from the private sector, we know they will be feasible.
“One of the key criteria for allowing these EoIs into the new HDA assessment pathway is readiness to deliver the housing early once the approval is granted.”
HIA executive director NSW Brad Armitage said the early success demonstrated that the industry was eager to move forward with bigger projects that can sidestep slow council approval system.
“[It] shows that there are many viable housing projects out there and is evidence that the housing industry needs to have more flexible, faster approval pathways,” he said.
“The more approvals we can shift away from councils, the more new homes we can build.”
The EoI process is ongoing, providing regular opportunities for industry to have major residential development proposals considered, with submissions reviewed monthly.
