Rent-to-buy, shared equity could be among NSW Government housing initiatives

Adam Smith 20 March 2017 NEWS

housing affordabilityThe NSW Government is set to push new initiatives to encourage housing affordability.

The Sydney Morning Herald has reported the state government will make moves to encourage higher-density housing developments around rail stations, and push home ownership schemes that could include initiatives such as rent-to-buy programs or shared equity arrangements.

NSW Planning and Housing Minister Anthony Roberts has told the SMH the state government will release a housing affordability policy ahead of the mid-year state budget. He tipped the earmarking as “priority precincts” around rail stations such as Bella Vista and Showground and said the government would look at rezoning to encourage higher-density residential development around the stations.

"One of the things I'm working with the Greater Sydney Commission on is when we go to communities and say there is going to be an increase in population here… we have a compact with them that says we will build the schools, we will build the roads, we will build the infrastructure that goes with this," Roberts said.

Roberts also said priority precincts could see schemes enacted to encourage home ownership.

"A superannuation company might build a 500-unit development and it could be totally based around one of the schemes. It could be rent-to-buy, it could be joint equity. But I think you've got to give the market-place freedom to actually come up with products,” he said.

According to the SMH, Roberts also voiced support for suggestions from property developers that more units could be set aside for affordable housing in exchange for allowing developers to build higher.

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