UDIA NSW news
2017-18 NSW Budget
The 2017-18 Budget, the first by Dominic Perrottet, is strongly focused on investment on infrastructure with $72.7 billion earmarked for NSW. This includes the continuation of major projects like WestConnex and Sydney Metro, but also includes record new investments in local infrastructure, including new and upgraded schools, hospitals, roads, and sporting and other facilities for communities across the State. The Government is forecasting a Budget surplus of $2.7 billion in 2017-18 with a surplus of $4.5 billion in 2016-17.
Premier announces housing affordability package
On 1 June, the Premier announced the NSW Government’s housing affordability package.
“I want to ensure that owning a home is not out of reach for people in NSW,” Ms Berejiklian said.
UDIA Housing Affordability Action Plan
At the beginning of 2017, UDIA NSW established a Housing Affordability Task Force to create an action plan to address the housing affordability crisis. The action plan was launched by the Minister for Planning, the Hon Anthony Roberts MP at UDIA's Annual Winter Luncheon at Parliament House on 8th June.
City Life Labs Launch
The City Life Labs showcase was held on 1st June at the Sydney Hilton with over 100 guests attending. UDIA and its research partners have been putting technology into action for the urban development industry. City Life Labs is the pioneering vehicle for this initiative.
The 2017 Budget included a measure that changes the time when GST is payable following the sale of a new property to the time of settlement. The onus for paying the GST will also shift to the consumer, rather than the developer.
Endeavour Energy Sale
Endeavour Energy has been 50.4% leased to the private sector for $7.6 billion. The consortium it was leased to includes:
Biodiversity Conservation Advisory Panel
The NSW Government is now inviting applications for membership on the new NSW Biodiversity Conservation Advisory Panel, established under the Biodiversity Conservation Act 2016.
Private water providers to be stung by IPART
The Independent Pricing and Regulatory Tribunal (IPART) is likely to recommend that the NSW Government introduce a ‘retail-minus’ pricing scheme for water in NSW.
The move will increase the operating costs of recycled water plants tenfold, effectively destroying the industry. This increases the ecological impact of development, threatens jobs and will slow down development.
Property management opportunity: Darling Harbour and The Rocks
Property NSW today called for Expressions of Interest from the private sector to provide integrated property management services at NSW Government-owned property holdings in key Sydney Harbour precincts including The Rocks and Darling Harbour.
State Budget: 3 new highways in pipeline
The NSW Government will spend over $40 million on planning for the M9 (outer orbital), M12 (link to Western Sydney Airport) and M6 (Southern Sydney to Wollongong) in the upcoming NSW Budget