In launching its Building Blocks Illawarra Shoalhaven 2021 report today, UDIA NSW warned that the Illawarra Shoalhaven is at a crisis point as we face a rapidly decreasing supply of serviced land for development.
While lots have been released in West Lake Illawarra and apartment development in the Wollongong CBD and Kiama township, the pace of development is not keeping up with demand, leading to a critical shortage of greenfield housing extending throughout the region. This demand will only be exacerbated by the rate of In-migration as people look for regional housing solutions out of Sydney as shown in the UDIA/URBIS Home Purchaser Sentiment Survey where 33% of Sydney respondents indicated an interest in moving outward whether to outer suburbs or to the regions.
“House prices are continuing to climb at an alarming rate, which is having a major impact on deteriorating housing affordability.“ said Steve Mann, CEO, UDIA NSW.
“Over the past 12 months, we have seen house prices rise by more than 20% in Shoalhaven and 12% in Wollongong. Kiama now has an average house price of $1million.” he added.
However, the report shows how this crisis can be averted through the funding of critical enabling infrastructure needed to further support up to 500,000 people that will live in the region by 2041. UDIA requests the NSW Government commits $136.6 million for the six recommended water and sewer projects that will unblock 11,600 lots by 2024 in the West Lake Illawarra and Nowra-Bomaderry Urban Release Areas.
UDIA NSW Building Blocks Illawarra Shoalhaven 2021 was officially launched on UDIA TV by Steve Mann, CEO, UDIA NSW together with Christine Miller, Business Leader – South Coast from Cardno who outlined the key infrastructure challenges and the practical and realistic infrastructure solutions to help sustain greenfield housing supply in the region.
Gordon Clark, Strategic Planning Manager from Shoalhaven City Council spoke on the challenges of delivering local infrastructure using State government funds.
UDIA will continue to advocate for increased infrastructure spending in the Illawarra Shoalhaven to support greenfield growth and address housing affordability issues.
Deanna Lane 0416 295 898 or email@example.com.