As part of the Minns Government's $30 million Build to Rent election commitment, more long-term housing will soon be provided on the NSW South Coast, with land secured by Landcom to kick-start the project.
This pilot project will mean 50 new homes, 20% of which will be affordable rental housing.
Build to Rent housing is an important part of creating more homes as it provides housing diversity, increased rental security, and supports construction jobs.
Build to Rent is a residential development where all the apartments are leased out, not sold or rented out for investment.
Through this project, Landcom is facilitating the development of purpose-built rental housing to be held in single ownership and professionally managed.
Located at the southern end of Bomaderry town centre, the site at the intersection of Bolong Road and Beinda Street is close to Bomaderry train station, Nowra TAFE, local parks, and road networks including the recently upgraded Princes Highway.
Work will now commence to complete the design and planning stages in preparation of a development application. Subject to approvals, construction is expected to begin in 2025 with residents to move in in 2026.
For more information, visit Landcom.
Minister for the Illawarra and South Coast Ryan Park said:
"We need more housing options for essential workers, particularly in regional areas where it is difficult to retain staff.
"With better housing security and affordability available, we can attract more health workers to the South Coast which will improve outcomes for the entire community.
"I'm excited to see the Build to Rent project take shape."
Minister for Planning Paul Scully said:
"Today's announcement shows the Minns government delivering on our election commitment to deliver Built to Rent homes on the South Coast.
"This pilot project will help deliver much-needed supply into the South Coast rental market while improving affordability for local residents.
"There is enormous potential for Build to Rent to deliver more high-quality and affordable homes, and that is what this project represents."
Minister for Housing Rose Jackson said:
"The NSW Government knows that it needs to be directly involved in confronting the housing crisis.
"People on the South Coast deserve the certainty that the government is taking their housing needs seriously.
"The Build to Rent program delivered through Landcom represents a direct intervention into regional housing markets to deliver more affordable housing properties and is one of the first steps that we are taking to better support our regional communities."
Member for South Coast Liza Butler said:
"The South Coast has one of the lowest rental vacancy rates in the state with almost half of Nowra households (47%) currently experiencing rental stress.
"I am delighted to see the Minns government following through with our commitment to addressing the housing crisis.
"I'm pleased to know this project is being piloted locally - an additional 50 new rentals will provide huge relief in our community."
Landcom CEO Alex Wendler said:
"Following significant review of land throughout the South Coast, securing the site means that work can now move forward.
"We hear it loud and clear every day, whether it is from renters or from people trying to purchase their own home - we need to do more, and we will do more."
