Construction of 2,000 new homes could be unlocked with $28.5M in targeted investment, according to the Central Coast Building Blocks Report Update by the Urban Development Institute of Australia (UDIA).
The report says that government investment is needed for seven currently unfunded infrastructure projects across Chain Valley Bay East, Lake Munmorah, Warnervale and Kanwal, which are blocking the delivery of much needed new housing on the Central Coast.
The infrastructure required are state road upgrades and two local roads.
“Developers are already making a contribution to critical infrastructure and we need to see government step up with funding so up to 2,000 much needed homes can be delivered,” CEO of UDIA NSW Stuart Ayres said.
The NSW Government has given the Central Coast a 5-year Housing Accord target to deliver 9,400 new completed homes by 2029 which assumed 5,900 dwellings will be delivered because they are already in the planning system.
UDIA partnered with ADW Johnson to update the UDIA Central Coast Building Blocks Report for 2024 which identifies about half of the 9,400 Housing Accord target are in 13 development areas that together could supply 4,786 new dwellings in the next five years if a total of $53.4M in enabling infrastructure is delivered.
About half of that cost still needs a funding commitment, says the UDIA.
Beyond the 5-year Housing Accord timeframe, UDIA’s Building Blocks report identifies a strong Central Coast pipeline of 12,786 additional dwellings that could be delivered in the 5-10-year timeframe if those sites are rezoned as expected, and if another $64.8M in infrastructure is delivered, of which $45.6M still needs funding.
UDIA is calling on the government to begin investing in infrastructure for the future (5+ year) pipeline today and collaborating with landowners on their requirements.
Potential could arise, on a case-by-case basis, to bring forward this future pipeline into the Accord period, including addressing the current slow planning system and biodiversity approvals, to help with reaching the 5-year housing target.
“The election of a new council is the perfect time for a renewed sense of collaboration between the local government, state government and industry to ensure the Central Coast doesn’t fall further behind in its housing requirements and more people who love the Coast can have a place to home,” Ayres said.