NSW Treasurer Daniel Mookhey handed down the 2024-2025 NSW budget yesterday, promising one of the largest housing spends in recent NSW history.

Here’s a breakdown of what has been promised in the budget for housing in NSW:

8,400 New Social Homes & Repair of existing homes

The budget invests $5.1 billion in 8,400 social homes across the state. Of that, 6,200 will be new social homes and 2,200 of that will be allocated for replacing existing social homes.

At least 50 per cent of these new homes will be prioritised for victim-survivors of domestic and family violence.

This program also invests $1.0 billion to repair 33,500 existing social homes.

Release of surplus government land

Building Homes for NSW will release surplus Government land for new homes to be delivered by Homes NSW, Landcom and in partnership with the private sector.

The Budget includes $5.0 million to continue the audit of surplus NSW Government land.

Key worker rental housing

The Budget includes $655.1 million for key worker and rental housing:

  • $450.0 million for a Key Worker Build-to-Rent Program to be delivered by Landcom across metropolitan areas of the State
  • $200.1 million for key health worker accommodation across rural and regional areas of the State

Expanded Rental & Property Services Commissioners

The Budget includes an additional $8.4 million for the Rental Commissioner to develop and enforce renter protections.

The budget also includes an expanded Strata and Property Services Commissioner to regulate strata schemes for $11.8 million supporting the growing number of renters in apartments.

Homelessness Package

$527.6 million for emergency housing and homelessness support services, which includes:

  • $260 million to help people and families who need safe shelter with crisis accommodation and support to move to more stable housing
  • $250 million of funding to support people who are homeless or at risk of homelessness, including those leaving correctional centres and mental health services and securing funding for Specialist Homelessness Services and the Aboriginal Community Controlled sector for homelessness services.