00:006,000 homes a month, that's how many houses and apartments NSW needs to build to reach
00:07its target of 377,000 dwellings in five years.
00:12But ABS data shows the state is approving just a fraction of that, let alone building
00:17it.
00:18Since the National Housing Accord began in July, the number of homes getting the go-ahead
00:22has fallen, whereas in Victoria and Queensland, monthly approvals have gone up.
00:27We're seeing the development community moving from Sydney out to Brisbane and Melbourne.
00:33Developers say fewer applications are being lodged because projects are becoming less
00:37feasible.
00:38When you've got high interest rates and high building costs, the cost to build for a developer
00:43often outstrips the price that future customers are willing to pay.
00:48The NSW planning system is also being blamed.
00:51The planning system has a lot of red tape, a lot of bureaucracy, it's very difficult
00:56to get things through.
00:58The state government says a secret taskforce has freed 13,000 homes from bureaucratic blockages.
01:04The planning profession rejects the idea that shortening assessment times will solve the
01:08problem of housing delivery.
01:10It says the higher costs of labour and land in NSW present greater barriers to feasibility.
01:16So unless those things are addressed, tinkering on the edges of the planning system is not
01:23going to deliver more housing for NSW.
01:25A state trailing behind in the race to build homes.
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