Is this the answer to affordability?
THE Property Council has released a five-point plan it believes the NSW Government can use to solve the housing affordability issue in the state.
The plan has also been presented to former Reserve Bank Governor Glenn Stevens, who has been appointed by Premier Berejiklian to provide expert advice about how to tackle housing affordability head on.
The council said the plan is based on extensive research and consultation undertaken that looks at the key drivers of house prices and what can be done immediately to make it more affordable to buy a home in NSW.
"This is a report that provides this government with real solutions to the very real problem housing affordability has become," Property Council NSW executive director Jane Fitzgerald said.
"It is based on sound economic evidence from experts in the field. They are solutions that will work."
Ms Fitzgerald said Property Council members stand ready to build the houses NSW needs.
"We just need the government to take the policy and budget decisions to meet us half way," she said.
The five points to solve housing affordability are:
1. Turbo-charging housing supply through increased land supply and planning reform.
2. Reforming State property taxes and reducing fees, charges, and red tape.
3. Better cooperation between all levels of government.
4. Bridging the deposit gap and supporting first home buyers better.
5. Supporting the rental market and fostering innovative, affordable rental product.
"These five points address demand and supply pressures on the housing market to provide a well-rounded, achievable model," Ms Fitzgerald said.
For each point of the plan, the Property Council has outlined steps the government can take now to alleviate the housing pressure in this State. Real solutions will require the Premier to be brave and bold."
Ms Fitzgerald said the plan will make significant inroads in addressing the housing affordability challenge immediately and for the longer term.
The plan has also been presented to former Reserve Bank governor Glenn Stevens, who has been appointed by Premier Berejiklian to provide expert advice about how to tackle housing affordability head on.
"We look forward to working Glenn Stevens and the NSW Government further on ensuring that our children, and our children's children, can afford to buy a home in NSW."