New industry group Housing Supply Association to increase housing supply

New not-for-profit industry group Housing Supply Association has launched in Sydney, to help speed up the supply of land and housing in NSW.

Australian Financial Review Su-Lin Tan 28-07-2017

New not-for-profit industry group Housing Supply Association has launched in Sydney, to help speed up the supply of land and housing in NSW and offer low-cost housing in new residential developments direct to first home buyers and key workers.

The organisation, backed by the NSW government, will work closely with the government and industry to streamline planning processes and develop effective policies to reduce housing costs.

Affordable properties will be made available for purchase and rental through the HSA, with caveats placed on sales to first home buyers to ensure they are not on-sold for profit.

Criteria and allocations for rental property applicants will be determined by a sub-committee comprising representatives of key worker associations.

The HSA will also work with government and industry to secure property exclusively for those who need it most, with many properties potentially sold at 20 to 30 per cent below market value.

Property allocation will also focus on ex-servicemen and women, and people with disabilities.

“This is the only holistic, industry-driven solution to deliver real outcomes for first home buyers and key workers, such as the police, ambos and fire services who look after our communities 24/7,” HSA vice president Aras Labutis, also from Coronation Property, said.

Increase affordable housing supply

“The HSA’s purpose is to increase affordable housing supply as part of an industry-wide response to a problem that now desperately needs action, not words.”

Mr Labutis said developments for the HSA’s target market were under way or in the pipeline.

One property provider has already committed 20 per cent of a new development to the HSA for affordable housing.

The launch comes as new information shows some emergency services personnel are flying in weekly to Sydney from interstate to maintain their jobs because they can’t afford to live in Sydney.

The NSW Minister for Planning Anthony Roberts commended the initiative and said the government would play its part in increasing supply through the release and rezoning of more new land to create new communities.

Dyldam chief executive Sam Fayad, who attended the launch of the event, welcomed the initiative but said there was no shortage of land in NSW.

“But people should also look for where they can afford. If they only have $600,000 they can’t live in the city,” he said.

HSA