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Property News

Regional relocation scheme to be expanded by NSW government

December 28, 2011

An initiative designed to shift population density away from city centres and towards more regional communities is set for review after its initial trial period produced less-than-stellar results.

The Regional Relocation Grant allows applicants to receive $7,000 in funding to assist with will the costs associated with moving away from metropolitan areas to less urbanised locations.

However, after estimating a reception of over 10,000 submission per annum, the New South Wales government was surprised to find that less than 50 individuals signed up to the scheme in the first three months of operations.

Projecting these results forward, this means that the initiative would have delivered approximately two per cent of its targets, with only 200 applicants each year.

In an effort to improve the response rate and deliver the targeted areas with an improved residential real estate result, the NSW acting premier Andrew Stone said the grant will be expanded to include newly constructed dwellings.

Stoner asserted: "We think this is a good change to the scheme in that it will encourage the building and construction sector in those regional communities where these new dwellings, these newly constructed dwellings, are going to be built.

"We are providing an incentive for people in metropolitan New South Wales to actually make the sea or tree change."

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