Bill Gates is often quoted saying “Most people overestimate what they can do in one year and underestimate what they can do in ten years.” When it comes to the national housing crisis, what can we achieve in 5 years?
Following a recent National Cabinet Meeting, the Federal Government has introduced a new higher target to deliver 1.2 million “well located” homes over 5 years from 1 July 2024.
As stated in the The Australian Financial Review, this requires 240,000 housing starts every year for five years, a pace the country has never achieved. Here in NSW we will be required to deliver 77,000 new homes each year. Last year, there were only 47,000 new homes completed in NSW.
This new housing will be delivered in new communities, but also significantly will be delivered throughout our existing neighbourhoods. The trending narrative from State Governments right across the country that we need to do more within our existing urban footprints.