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The Housing Industry Association (HIA) has thrown its weight behind the New South Wales government's agenda to see 172,000 homes built over the next few decades.
Executive director for the HIA in New South Wales David Bare explained that real estate in Sydney is in desperate need of increased stock.
He said: "New homebuilding has been languishing in the state for the past decade and urgent action is required if we are going to address ongoing housing affordability problems and spiralling rents."
Mr Bare added that New South Wales continues to have the largest shortfall of housing in the country.
"The current annual build rate of around 30,000 homes is well short of underlying demand and places NSW behind smaller states in the delivery of housing supply."
A strong housing sector will filter through to the general economy, Mr Bare elaborated, as jobs are created, sales of manufactured goods increases and ancillary services benefit from the increased activity.
The HIA executive director cited the Urban Activation Precincts program as a smart policy, as that program, combined with the North and South West Rail Links, provide opportunities to stimulate the economy.
