NSW Housing Crisis Showing No Signs of Easing Anytime Soon

The housing crisis in New South Wales (NSW) is showing no signs of abating with demand outstripping supply, and Planning Minister Paul Scully has admitted there is no quick fix. A growing population means NSW will need 377,000 homes within the next five years to be on par. However, last year, only a little over 48,000 homes were completed, well below the 59,000 completed in Victoria. The housing shortage is also impacting on a national level. As part of Labour’s federal budget on Oct. 25, Treasurer Jim Chalmers announced a national plan to build one million energy-efficient homes in five years by 2029. Compounding the issue and stymying growth are slow development application processing times, which are on average taking 116 days to be processed by relevant local councils....