The NSW state government is set to release an ambitious plan that would see Sydney set its highest targets yet for the construction of new homes and for job creation, according to The Australian Financial Review.
The state's government is set to release a 20-year Draft Metropolitan Strategy Plan to govern Sydney's growth while at the same time releasing a new Land Release Policy aimed at ensuring that new residential and commercial land is made available in the metropolitan area to facilitate the planned growth.
The plan calls for 545,000 new homes to be built to house 1.3 million people in the region by 2033, and marks a population growth target that is 17 per cent higher than the previous Labor government's target, released in 2010.
The strategy would require the NSW construction sector to build an average of 27,250 new homes and units a year, which is nearly 90 per cent more homes and units than the sector has built in any 12 month period over the last five years, the AFR reported.