The Berejiklian government is considering a $500 million property spending spree, snapping up unsold apartments and fast-tracking construction as part of its coronavirus economic recovery plan.

A cabinet briefing paper, prepared by the government's Land and Housing Corporation, says a "housing-focused stimulus package" would accelerate development and boost employment in NSW.

The construction sector will be the key to revitalising the economy after the COVID-19 pandemic. Credit:Dominic Lorrimer

The paper, which is marked cabinet in confidence and obtained by The Sydney Morning Herald, says supporting the construction industry will be a key element of economic recovery after the COVID-19 crisis.

It recommends a three-staged approach, which would include $160 million for "shovel ready projects" that could see the construction of 300 social housing dwellings start within 16 weeks.