Money New apartments go up in Sydney, but they’re not for sale

23:07  07 july  2018
23:07  07 july  2018 Source:

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A brand new block of apartments will be built on an empty site in Redfern, but not a single one of them will be available for sale.

The new 'build for rent' program is a first for Australia. The NSW Government will gift a piece of crown land to a private company to develop units exclusively for the rental market.

The model is similar to a toll road. The land opposite Redfern Oval will be handed to the successful developer who provides apartment blocks with 30 percent public housing. The other 70 percent is charged at the full market rate to the private tenants and the company collects the rental income for 40 years. Once that time is up, the land and the buildings are handed back to the NSW Government.

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a view of a city © Provided by Nine Digital Pty Ltd "We know we need to expand the amount of social and affordable housing in Sydney and this allows us to do that because we are providing the land." Social Housing Minister Pru Goward said.

The successful developer will also be exempt from land tax.

The Property Council of Australia believes the Redfern site will be a lucrative opportunity for many developers.

"Build to rent is a really attractive long term proposition, it's a stable income stream." NSW Executive Director Jane Fitzgerald said.

The model is successful in countries like the United States to tackle the housing strain.

Pru Goward smiling for the camera © Provided by Nine Digital Pty Ltd

There are concerns that the current proposal does not address pressures on low paid key workers like paramedics, police officers and teachers.

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Shadow Planning Minister Michael Daley claims that around half of the officers working at his local Maroubra Police Station are commuting from the Illawarra or Central Coast because they can't afford to live in Sydney.

"These are our most valued workers and they can't make rent let alone think about buying." Mr Daley said.

Labor has announced if elected, they will reserve 25 percent of all developments on Crown Land for heavily discounted rental properties for key workers like police.

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