On December 7th, 2023, the NSW Premier and Minister for Planning and Public Spaces published their strategy and response to the housing crisis in NSW. In this media release, the Minns Labour Government talk of their plans to rebalance housing growth across the state. They are largely focusing their efforts for accessible housing close to public transport, existing infrastructure, and jobs.

Eight Sydney transport hubs were identified as areas that qualify for rezoning and will undergo this by November 2024. Additionally, 31 stations were pinpointed as being equipped for new development and will undergo emergency rezoning. The Minister for Planning and Public Spaces, Paul Scully said, “These sites have been selected because they have infrastructure to build on.” $520 million will be provided within these areas, to ensure infrastructure is being placed in desired locations.

Goodman Group announced two Build-To-Rent projects located in Macquarie Park, one of the 31 area’s identified by the NSW government. The first proposed development encompasses a 1.6 hectare area, and will feature 6 apartment blocks and 510 apartments. The second, featuring 737 apartments, 3 storey ‘clubhouse’ amenities building, 5,181m2 of communal amenity facilities throughout the buildings for residents, and a large, 4,126m2 park in the centre of these constructions.

The Goodman Group’s proposed Build-To-Rent projects in Macquarie Park display the multifaceted benefits that BTR projects hold. Build-to-rent provides communities with many benefits from housing within close proximity to public transport, jobs, and schools, desirable amenities like gyms, swimming pools, cafes, and jobs within walking distance to workers homes. The BTR sector offers well-connected communities and affordable housing as a much needed reprieve and possible solution to the current housing crisis.

The NSW government is providing eligible BTR projects a 50% discount on land value for land tax purposes, with an additional exemption from foreign investor duty and land tax surcharges. These BTR perks will be available until 2040, and will be applied once an occupation certificate has been issued. Some highlighted conditions for eligibility of this tax reduction include – buildings must contain more than 50 self-contained residence, used for rental purposes; a minimum of 10% of construction workers hours must include a diverse set of qualifications/circumstances; and developers are required to repay the benefit should they subdivide within 15 years of receiving it.