Pictured above: Rouse Hill Town Centre, upcoming $300 million north expansion
In order to meet demand and prevent a deepening housing crisis, NSW must construct 75 per cent more homes than what’s currently projected over the next five years, from 36,000 per year to 62,800 per year - a deficit described by Planning Minister Paul Scully as, “greater than we thought”.
Records acquired by the Sydney Morning Herald unveil a state government's dedication to augmenting housing availability through land rezoning. Among these documents are briefings provided to Housing Minister Rose Jackson, outlining plans to initiate state-led rezoning in 11 specific suburbs by the middle of 2024. The suburbs are shown in the map below.
Among the 11 suburbs, three are within the Sydney Metro Northwest catchment area: Marsden Park North, Riverstone East, and Schofields West. These suburbs are located within the Blacktown LGA, which the Department of Planning anticipates will contribute the highest percentage of new homes of any LGA in Sydney up to 2028.
The priority zones capitalise on the substantial infrastructure investments made in Sydney, notably the $7.3-billion Sydney Metro Northwest project, which was finished in May 2019.
The announcement of the forthcoming rezoning is anticipated to drive up the demand for development sites in the priority zones. It is expected that land values in the priority areas will experience an additional increase upon formal rezoning.
This heightened demand was evident during the auction of a 2-hectare parcel in Orchard Hills on August 19, 2023. Despite being zoned as rural land and lacking a draft indicative layout plan (ILP), the property sold for $15.05 million, surpassing the reserve price by nearly $3 million.
Pictured above: Sydney Business Park at Marsden Park, a commercial and industrial development spanning more than 100 hectares.
Prior state governments postponed the rezoning of land in the north-western region of Sydney due to apprehensions about the safe evacuation of residents in flood-prone Richmond.
The three zones in Sydney's northwest that have been designated for accelerated development are situated in areas free from flooding concerns and are conveniently located near existing amenities.
The Draft ILP for Riverstone East, which includes Rouse Hill, has not been made available as of now. However, the Draft ILPs for Marsden Park North and Schofields West were unveiled in 2019. It is anticipated that all three precincts will undergo rezoning within the next two years, leading to a surge in demand for properties and an associated increase in pricing.
This content was produced by CGD
