The Property Council today welcomed the release of rezoning plans for three more Transport Oriented Development (TOD) accelerated precincts – Bankstown, Crows Nest and Homebush - in addition to Kellyville, Bella Vista, Hornsby and Macquarie Park released last week.
Property Council of Australia NSW Executive Director Katie Stevenson said the Department of Planning, Housing and Infrastructure (DPHI) was setting a strong pace on the rezonings, due to be finalised by the end of the year.
"Faster, smarter planning means more homes sooner. As one of the lead advocates for this major urban planning reform, we're thrilled to see government setting a strong pace with Transport Oriented Development.
"These 7 precincts are set to unlock the potential for up to 47,800 new homes in the next 15 years, all close to transport, jobs and services, and supported by appropriate community infrastructure."
Ms Stevenson said the Property Council had worked closely with DPHI in the last 12 months to fine-tune the details of the TOD approach.
"Delivering on our National Housing Accord target is a shared responsibility, and we'll only get there through ongoing and close collaboration between all levels of government and industry.
"With cold economic headwinds blowing through the construction sector and impacting project feasibility, we need to make sure we're working hand in hand to get these new homes built."
Ms Stevenson said DPHI and other government agencies would be taking questions from the Upper House Inquiry into Development of the TOD when it meets on Wednesday next week (24 July).
"We need to keep up the momentum and it's important to stay agile and ready to consider fresh thinking and changing circumstances, so the Inquiry's scrutiny on the program is welcome.
"Our submission to the Inquiry included a call for government to release quickly the next tranche of sites to be progressed under the TOD Program in Q2 2024.
"This kind of clarity on future sites would help industry better orientate their capital, labour and planning for the forward in-fill residential pipeline," Ms Stevenson said.
