Property Council Hunter and Central Coast Regional Director Amy De Lore said new analysis of ABS building approvals shows the region is on track to deliver 68% of its housing targets by 2029 -above the 57% expected across the 43 councils tasked with housing targets under the NSW Government's commitment to the National Housing Accord.
"Maitland and Cessnock councils are standouts, on track to meet or even exceed their targets. These are key growth areas, popular with young families, and the recent NSW Department of Planning data underscores their significance, with population growth forecasted at 49% and 40% respectively by 2041," Ms De Lore said.
"The Anambah-Branxton Regionally Significant Growth Area, spanning Maitland, Cessnock and Singleton, has enormous potential to support this growth. Responsibility for place strategy planning has fallen largely on the councils but there is opportunity for the State Government to step in to prioritise essential infrastructure and rezonings and fast-track housing development."
Ms De Lore also highlighted opportunities in Newcastle, where there is a strong pipeline of CBD apartment projects and the draft Broadmeadow Place Strategy-released more than six months ago-proposes 20,000 new dwellings, including a target of 3,200 within five years.
"Industry wants to see the State Government finalise the Broadmeadow Place Strategy, appoint a delivery agency, and commit funding to kick-start development. A clear delivery plan would go a long way to making sure Newcastle reaches its potential as a key housing hub," she said.
Lake Macquarie's North West Catalyst Area is another precinct with potential to support thousands of new dwellings.
Ms De Lore said that on the Central Coast, supporting the council to recover from four years of administration is critical.
"There is enormous potential for both greenfield and infill development across the Central Coast, but long assessment timeframes are discouraging investors. Getting the council back on its feet and improving DA processing times must be a priority," Ms De Lore said.
