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Affordability should increase under new NSW Cabinet: UDIA

Affordability should increase under new NSW Cabinet: UDIA
Affordability should increase under new NSW Cabinet: UDIA

Noting that the new NSW Cabinet is strong, with the potential to deliver much-needed planning reforms, regional plans and pending strata reforms, the Urban Development Institute of Australia NSW expects that affordability should increase.

UDIA NSW chief executive, Stephen Albin, told Property Observer that the reforms are a major apart of the industry performing well and maintaining this performance, as well as bringing much needed infrastructure to specific areas.

Asked which reform was most needed, Albin mentioned that there were many on his list, however it’s infrastructure levies that are one of the most significant issues, particularly for housing affordability. He expects this is one area where the new Cabinet can have an effect.

“It’s a complete shmozzle,” he said of the levy.

“It adds at least 15 to 20% to the value of a new property,” he explained, noting that when one part of the chain requires an increased payment, this is in turn going to be passed onto the consumer, as can be expected for any product.

Albin noted that in New South Wales, this is one of the highest levies globally.

However, there are other areas where affordability can be assisted.

He pointed to five priorities for the State Senate:

  • NSW Planning Reforms

  • The Metropolitan Strategy for Sydney

  • The Illawarra Regional Strategy

  • The Lower Hunter Regional Strategy

  • NSW Strata Reforms

“Now we’re heading toward a state election, and recent distractions are out of the way, it’s crucial this current government gets on with the job of delivering much needed reforms,” he said.

“What we would like to see is these plans and policies rolled out as soon as possible to assist in the creation of more investment certainty to support the economy and jobs, and affordable homes for our state’s growing population.”

The regional strategies, in particular, were said to help bring infrastructure and money into these areas.

“I think people are always scared of changes,” he said of the reforms, which he noted would be the biggest overhaul in 30 years, however he also said that these reforms would not cause16-storey buildings to be built in peoples’ backyards, and especially not without consultation.

“They’re about cooperation, not conflict,” he explained in the shift towards New South Wales’ planning.

“The whole system needs to be changed. We’ve dealt with the current system for 30 years, and communities cannot got another three.”

Jennifer Duke

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

Tags: 
Politics Housing Affordability New South Wales UDIA

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