Plans to build 10,000 homes in Woollahra and open a train station

ABC NEWS (Australia)

The state government says its new housing plan could trigger what it's calling a "price correction" in parts of Sydney's eastern suburbs. The new railway station and rezoning plan announced over the weekend are meant to kickstart construction of up to 10 thousand extra homes in Woollahra and Edgecliff. But there are still questions about the suburbs' capacity and affordability.

Transcript

00:00Sydney's eastern suburbs, home to some of Australia's most exclusive and expensive properties.

00:08Around the future Wallara station, the median unit price is one and a half million dollars,

00:14out of reach for most first home buyers.

00:16But the housing minister thinks building 10,000 new homes in the area could change that.

00:21There might be some price correction.

00:23You know, there might be some opportunity for young professionals, young couples,

00:26to get that two bedroom place in a place like Wallara close to the city.

00:30And, you know, I think that's a great thing.

00:32The opposition says the government's giving young people false hope.

00:35I won't dignify it with the descriptor plan, because it's not a plan.

00:39It's a 10,000 figure grabbed from nowhere.

00:42There are major barriers for developers, like the high price of land in the eastern suburbs

00:47and difficulties enticing existing owners to sell up.

00:51In the case of apartments, you've got to get 75% plus to agree to the sale.

00:55That all takes time.

00:56But the industry says the government's promise to allow buildings of up to 21 storeys

01:01near these stations makes that risk worth the reward.

01:04That will become feasible for a lot of those locations.

01:0721 storeys is a substantial uplift.

01:10The government's plan puts the Liberals in an uncomfortable position.

01:14They're trying to shake off any suggestion of nimbyism,

01:17while still voicing voters' concerns about overcrowding.

01:20There is no public school in Edgecliff.

01:23The public school in Wallara has a tiny playground and is full.

01:27The government says across the seven nearby primary schools,

01:30there's room for 930 new students,

01:33and it says the two closest high schools can accommodate 763 new arrivals.

01:39If we put more housing in, then over time you'll build even more infrastructure.

01:43A decision for another day, and perhaps another government.

01:50What may be the first place of building —

01:54the blog, the land, the land.

01:56How many can the work of building systems that will turn off?

01:58That way can we take?

02:00Even soon.

02:01But in actual detail that we find the bank —

02:04and our startup —

02:05that they've managed to move a path,

02:07and then over time it adesso.

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