Housing affordability for key workers: Masterclass supported by the Teachers Mutual Bank and Firefig
Housing affordability is one of most pressing issues in Sydney today and housing finance plays a crucial role.
In an intensive masterclass hosted by the Cities Leadership Institute, supported by Teachers Mutual Bank and Firefighters Mutual Bank, Professor Peiser explored a range of strategies and levers to deliver affordable housing.
With developer, tenant, builder, investor and city council representatives Professor Peiser highlighted economic and regulatory levers that can be used to provide affordable housing that meet community needs.
Key take outs included:
It is critical that affordable housing projects are viable. Whether a private developer or a not for profit housing provider, the competitive free-market demands economically profitability particularly in the highly competitive Sydney market.
Need to minimise development costs through reductions in the time and the cost of approvals. NSW's approval process tends to be relatively long resulting in escalating costs.
Use of government-owned land can assist in reducing development costs.
Design of housing development to incorporate the needs of lower to moderate income tenants such as transport preferences to ensure long term sustainability and viability
Performance bonds and fixed rate programs which offer protection from higher than anticipated construction costs and rising interest rates can be used to mitigate investment risk
See photos of the event here