The Central Coast is facing a critical housing shortage. As the 3rd largest urban area in NSW, it is predicted to see population growth and a further increased demand for housing. The significant undersupply highlighted by this article, is one of many reasons Silverhall is investing in the region. There is also major growth with a number of significant infrastructure and development projects underway, such as Warnervale Town Centre, the Chinese Theme Park and Cultural Centre and Wyong Employment Zone (WEZ).
Housing Shortage in Region is Critical
Exclusive Neil Keene | THE DAILY TELEGRAPH, February 25, 2015 12:00am
The Central Coast is facing a housing shortage so dire it could run out of new homes within five years unless something drastic is done to improve the situation.
An Urban Development Institute of Australia report to be released today estimates the region’s housing shortfall is now more than 8000 homes.
A Central Coast regional strategy document has previously identified the need for 2240 new homes each year, but from 2006 to 2011, fewer than 800 were built annually.
The UDIA and Darkinjung Local Aboriginal Land Council, which is the region’s largest non-government landholder, has called for the “outdated” planning system to be overhauled to eliminate “excessive” red tape.
The two organisations also want local councils to expedite rezoning applications to get planned housing developments under way.
Darkinjung applied last June to rezone 180ha of land in North Wyong for up to 2600 new homes.
“When consideration is given to the fact that it takes at least five years to go through the zoning process, there is a real prospect that there will be shortages in the near term,” the UDIA State of the Land 2015 report says.
A Gosford City Council spokesman said councillors had already approved a new system providing incentives for residential development.
“In December 2014, over $45 million worth of development was approved by council for Gosford’s CBD area,” he said. “Four residential developments worth around $21 million were given the go-ahead, which will see almost 120 residential units built.”
Another $9.6 million, eight-storey residential block was approved by the council earlier this month.
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