Central Coast to benefit from NSW Budget investment in road network
UDIA welcomes the $326.5m to improve the road network on the Central Coast and invest in fast rail, which are critical initiatives to support the economic development and liveability for the Central Coast.
As the Central Coast continues growing, demand for housing has been rising due to a combination of record low interest rates, government incentives, and migration to the regions influenced by COVID-19 induced demand for more space and a growing preference for working from home.
As a result, demand is outstripping the supply of new homes, and prices are rising.
New house prices across the Central Coast have increased 31% over the past year, with the median price of a new house in the Central Coast LGA at $920,000 in March 2022.
The budget’s $300m in Accelerated Infrastructure Funding could support the delivery of local infrastructure such as the $126 million in local roads and water and sewer infrastructure identified in UDIA’s Building Blocks – Central Coast report, which would unlock 12,000 new homes on the Central Coast.
Overall, however, we are disappointed there is no funding in today’s NSW Budget for state infrastructure to directly support housing supply for the Coast.
UDIA calls on the NSW Government to back up its pledge to address housing affordability by investing in the infrastructure needed to increase housing supply on the Central Coast.
The Budget does support housing supply in other ways, and UDIA welcomes:
- $33.8 million for the Regional Housing Development Program, including expanding the Urban Development Program.
- $106.7m over three years to create a Biodiversity Credits Supply Fund, which will provide a much-needed intervention to kickstart the biodiversity offset credit trading market by guaranteeing landholders will be able to sell the biodiversity credits they generate when they choose to use their land for conservation purposes. The Fund is intended to encourage more biodiversity protection while also supporting new housing supply by making it easier to offset any necessary biodiversity impacts from development.
UDIA will continue to strengthen our advocacy work in this regard to achieve the focused investment that our region needs.
Media Enquiries: Deanna Lane 0416 295 898 or firstname.lastname@example.org