NSW Adds Pyrmont and Westmead Projects to $1bn Pre-Sale Finance Guarantee

The guarantee is expected to cover 51 of the 300 new homes planned for Pyrmont and Westmead.

Two Sydney developments in Pyrmont and Westmead have been added to NSW’s $1 billion Pre-sale Finance Guarantee, a mechanism aimed at bringing forward construction by strengthening pre-sale funding and unlocking construction finance. The latest guarantees back 38 apartments at Pyrmont Place on Wattle Street, Pyrmont, and 13 apartments at Elodie on Good Street, Westmead, including six affordable homes.

Pyrmont Place, a $900 million project, is planned as a mixed-use precinct combining new homes with public amenity and hotel accommodation. It forms part of the wider Blackwattle Bay urban renewal program. In Westmead, Elodie combines housing with childcare, positioned alongside the Parramatta CBD and the precinct’s growing health and innovation cluster. The current approvals follow earlier backing for the Rozelle Village redevelopment of the former Balmain Leagues Club site, which includes more than 225 apartments, among them 59 affordable homes.

About the Pre-sale Finance Guarantee

Launched in October, the program has drawn 45 expressions of interest from developers across NSW, with around one third invited to participate. Similar models are also being adopted in other Australian states. Oversight has been reinforced with the appointment of Deb Coakley as chair and Tim Hallam as deputy chair of the Pre-sale Finance Guarantee Advisory Committee, which evaluates applications and provides independent guidance.

The guarantee sits alongside other housing delivery measures in NSW, including planning reforms, the NSW Housing Pattern Book, and a major rezoning program.

“NSW needs new homes sooner. The Pre-sale Finance Guarantee is breaking down barriers and fast-tracking the start of construction for hundreds of much-needed homes for our communities.

Said Planning and Public Spaces Minister Paul Scully

Under the program, NSW can commit to buy, off the plan, up to 50 per cent of homes in a project, with individual homes valued at up to $2 million. Support ranges from $5 million to $50 million per project. Up to $1 billion in pre-sales over the next five years is committed through a revolving fund.

Governments are increasingly using guarantees and similar mechanisms to draw private capital into housing delivery. NSW is applying that approach through a pre-sale backstop designed to unlock construction finance and bring projects to site sooner.

NSW Adds Pyrmont and Westmead Projects to $1bn Pre-Sale Finance Guarantee published on The HeavyQuip Magazine.