Landcom was established in 1975 following an election promise by Neville Wran for a government agency to be established to provide affordable, fully-serviced land on the fringe of Sydney for purchase. Landcom has played a leading role in the development of outer suburban areas of Sydney such as Campbelltown and Penrith since the late 1970s.
While the objective of Landcom was originally to enable the purchase of homes for those who would not otherwise be able to afford it, the objectives of the organisation has changed and it now operates according to market principles.
Landcom was corporatised in 2002 and now operates in much the same way as a private property developer on a for-profit basis. Landcom now also sells land in inner city areas, although its operations remain confined within New South Wales. Landcom now also takes part in joint ventures with private property developers.