NSW MARKET OVERVIEW
NEW SOUTH WALES
NSW Market Overview with Simon Kersten
Cutting through all the negative press around development costs over the last 6-9 months, what opportunities or trends have excited you the most? The Wollongong market is massively under supplied with new product, the CBD has been producing less than half of the market demand for the last 3 years, and regional we have been at least 1000 houses short of the targeted supply for at least 5 years. When we add migration out of Syndey to our regional region during COVID and now the increased immigration numbers combined with foreign students returning to UOW we are facing extreme housing pressure at all levels. Key opportunities right now are in the affordable end of the market in both medium and high density residential, close to the CBD. The recent NSW Government affordable housing bonuses and SAP have already seen a re-zoning for 1000 homes in our market and we hope to see more of this, especially around railway stations.
SIMON KERSTEN Managing Director Colliers NSW
22 – August / September 2023
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