Last week the Property Council of Australia hosted the NSW Housing Summit, a sold-out event and highly engaging day, bringing together leaders from Government and Industry including planning, investment, development, taxation and homelessness, leaning in to address the housing crisis across the state and discuss possible solutions.
The Honourable Paul Scully MP, Minister for Planning and Public Spaces led a keynote address after 100 days in Government, uplifting the room with ‘wanting to get projects moving.’ Minister Scully reassured the group he is listening and making changes, focusing on planning reforms, AI best practice, modern methods of construction, investment in infrastructure, delivering jobs and opportunities for trade and considering interventions in local zoning to improve the housing mix to meet demand.
Michelle McNally, CEO Aware Real Estate joined Minister Scully in a fireside chat, sharing more about his ‘unapologetic approach to solving the housing affordability issue,’ suggesting to the group that a key solution involves putting up good proposals and ‘not putting crap forward.’
Kiersten Fishburn, Acting Secretary, NSW Department of Planning and Environment, further supported Minister Scully’s reforms and supportive of incentives for private developers and Super Funds to build affordable housing, expanding approval pathways for public housing and the folding of the Greater Cities Commission back into the Planning Department. But Fishburn told attendees more policy changes were coming, “you’ve got 20 levers in front of you; you normally pull four and then check that you don’t crash something. We’re going to try to pull all 20,” she said.
The robust panel discussion on Exploring the Power of Private Capital with Michelle McNally, CEO Aware Real Estate, Chris Sprangers, Managing Director and Head of Investor Solutions- Brookfield Asset Management, Claire van Schaik, Head of Capital Raising Australia- Lendlease and moderated by Antony Knep, Capital Markets, Executive Director, Property Council of Australia, discussed the challenges of the current market, inhibiting investment and development in residential projects. With significant market head winds, a long-term approach is to be viewed. Michelle noted, ‘any changes need to be long standing, putting things in place when the market doesn’t work.’
Housing affordability is a whole of Australia problem, across the Public and Private sectors, however the future does look optimistic. Thank you to the Property Council of Australia, host partner The McKell Institute and sponsors for bringing together quality speakers and looking to create positive change to address key issues impacting all of us.