Real Estate Industry wants NSW to encourage new home construction

CEO of Real Estate Institute of NSW Tim McKibbin said a supply shortage of new dwellings is to blame for both rental and home prices soaring.

"We're seeing a lot of symptomatic solutions, but we're not seeing a solution coming through to actually address the core problem, which is supply. We just need more properties," Mr McKibbin said.

This statement came two days after the advocacy group Regional Cities NSW (RCNSW) named housing a key election issue, saying that the lack of available housing is a potential risk to regional growth.

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"Property is interwoven into our lives. We've got people who get their dream jobs out here in Tamworth, and they want to move to Tamworth, but unfortunately they can't find anywhere to live, and consequently, they're unable to have that job. The local economy suffers, that individual person suffers, and everybody's a loser," Mr McKibbin said.

Both RCNSW and the Real Estate Institute say local governments should streamline development approvals as a way to encourage more developers to take on regional housing projects.

"Council has obligations, I get that. They have an obligation in planning so we get the right property in the right areas satisfying consumers, but ... I've heard developers say to me that the process is so time consuming and arduous and expensive that you would think it's designed to make you give up," Mr McKibbin said.

The NSW Liberals and Labor parties have both made housing plans and campaign promises that could assist in fast-tracking development approvals, but RCNSW said there is more work to be done to hasten the supply of new housing.

"State Government support to address a lack of suitably qualified regional planners would go a long way to helping regional cities expedite development applications," Chair of RCNSW and Mayor of Dubbo Regional Council Mathew Dickerson said.

RCNSW is seeking bipartisan support for the Regional Housing Taskforce recommendations, and continued support for the government's regional housing package and build-to-rent developments.

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