Changes to New South Wales Planning Bill offer fantastic real estate options
New South Wales is set to undergo an overhaul of its Planning Bill, which is expected to boost the ...
New South Wales is set to undergo an overhaul of its Planning Bill, which is expected to boost the number of jobs in the state, as well as provide stimulation for the economy and local business sector.
Minister for Planning and Infrastructure Brad Hazzard said the reforms to the bill will be the biggest change to the state's planning system in 33 years, and aims to generate an extra $3 billion per annum for the next 30 years in NSW.
"That means more housing and more jobs. Clearly, the construction sector will benefit but a better planning system will improve opportunities for other sectors including retailing, transport, entertainment and recreation, mining, manufacturing and agriculture," said Mr Hazzard in an October 24 statement.
"Planning is a critical part of the NSW economy, society and environment with more than $20 billion of economic activity passing through the development assessment system each year."
Anyone planning on buying a house or purchasing commercial property in the state could be ecstatic to hear about the upcoming changes that would end up saving them time and money in the near future.
As part of the upcoming adjustments to the Planning Bill, a number of areas are expected to save millions of dollars, including up to $565 million per year after ensuring that land is used in the most efficient way possible.
Furthermore, between $107 and $192 million is hoped to be saved through the cutting of delays and documentation costs - perfect for anyone planning on buying land for future developments in the region.
By tightening up the planning process and reducing the overall risk associated with the industry, the expectation is to help save a further $298 million per annum.
"While our housing starts have improved dramatically, more needs to be done to support new housing for our growing population and help our economy through additional construction," said Mr Hazzard.
"The NSW economy is already rebounding, the housing industry is on the long road back and, with this legislation for a new planning system, the economy will be free to grow even faster."
With the signs of a recovering economy and housing industry on the horizon, now could be a great time to consider real estate investment. Regardless of whether you're a first home buyer or a seasoned property investor, the shaping landscape in NSW could offer a variety of property opportunities.