Where's all the housing gong?

North Wollongong

The COVID pandemic is lingering and I don’t just mean in case numbers. It looks to me that we will be paying the price for the pandemic and our government’s resultant response for some time coming. First there was the jump in regional real estate, then there was rampant inflation, then a cost of living crisis and now thanks to record migration (681,000 up 103% from last year) we have a housing crisis. To be honest, I’m not sure we can call them crises anymore as it seems ti be more of a status quo or to use a military term - SNAFU! In behind all of these other more immediate crises, we have the climate crisis looming larger and larger. All of which is compounding the other smaller crises.

I’m sure dear readers that you’re also probably sick of reading all about crises. We need more talk of solutions than stating the obvious. Which turns me to the Minns Government solution to the housing crisis and their leaked plans to include the suburbs of Corrimal, Dapto and North Wollongong as part of their strategy. What is their strategy? It’s nothing new really. “Transport Oriented Development Programs” have been around the urban planning scene for some time now. They make a lot of sense. Densify around train lines and major transport corridors so that the increased populations in these areas can benefit from better connection from home, work and play. Chatswood and Parramatta are good examples of this style of density at play. 

So it looks like if you want a good property investment best get out there and buy something near Corrimal, Dapto or North Wollongong train stations! Mind you, you’re probably all too late as developers have been stockpiling these types of properties for a while now and even if they haven’t you’re already looking at a premium price. The old Bunnings site in North gong went for a record breaking $40 million. Move over sausage sizzles, hello high density!

As with all Government solutions, they’re not without their criticisms. I would suggest the main one of these being that the expenditure along these train stations needs to be matched on the actual public transport that serves them first so that the new owners aren’t forced to drive their cars everywhere. What good is being next to a train line that only gets a 4 carriage train every hour and which is notorious for breakdowns, industry shutdowns and can cost more than a car trip? Same goes for bike infrastructure. Current expenditure by the state government seems to favour extending our road network and many of these being toll roads and meanwhile there’s little to no incentive to at least encourage more of the cars on the network to be electric. Without the expenditure on effective, reliable and sustainable transport infrastructure, we risk shuffling the housing crisis to a transport crisis.

It’s going to be an interesting year in the Gong. There are some real pressures on our region that if not carefully considered will result in detrimental change that will linger more than our current crises. There’s no question that we have to address the housing crisis. Some would say that is better achieved with a change to the current tax/tenancy legislation than just addressing supply. Unfortunately, this tends toward political suicide and the shortsighted nature of our election cycle. Much easier to be big and visionary. You can sell it with a photo!