HOUSING SUPPLY

The NSW government has intervened to unlock private construction finance for two stalled Sydney housing projects, underwriting a portion of apartment presales at Rhodes Bay and North Village, Auburn, to get both developments under way.

The Minns Labor Government will guarantee 34 of the more than 400 new apartments at Rhodes Bay and 30 of 249 new homes at North Village under the $1 billion Pre-sale Finance Guarantee program, fast-tracking construction of nearly 650 homes across the two sites.

The program targets one of the most persistent barriers in NSW housing delivery: approved projects that cannot proceed because developers are unable to secure construction finance without meeting minimum presale thresholds. By underwriting a portion of those presales, the government reduces lender risk and allows private finance to flow before construction begins.

Rhodes Bay

Rhodes Bay is a $834 million State Significant Development (SSD) in the heart of the Rhodes urban renewal precinct. The project will deliver more than 400 apartments, including 68 affordable homes for low to moderate-income households.

North Village, Auburn

The $223 million North Village project in the Auburn Square precinct will deliver 249 homes. The development is designed as a walkable neighbourhood, with homes, shops and services grouped close to public transport and employment.

The Pre-sale Finance Guarantee has now supported the delivery of more than 1,200 new homes across NSW, with further development applications expected to unlock additional housing in metropolitan and regional areas. The revolving fund will commit up to $1 billion in presales over the next five years and has since been adopted by other Australian states.

Minister for Planning and Public Spaces Paul Scully says the program represents a fundamental shift in how government approaches the housing pipeline. "For too long, good projects have sat on the shelf because developers could not get finance over the line. The Pre-sale Finance Guarantee fixes that. It takes the risk off the table and gets shovels in the ground faster."

Scully adds that both developments will bring new homes into the Sydney pipeline alongside affordable housing, and build thriving communities close to transport, services, and jobs.

Image: NSW government

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