UDIA NSW news
Foreign Stamp Duty Surcharge Rebate
The 2017-18 NSW Budget increases the stamp duty surcharge for foreign investors from 4 percent to 8 percent and the foreign land tax surcharge from 0.75 percent to 2 percent. This is in addition to the base rate of stamp duty and land tax.
IPART Wholesale Water Pricing Determination
On 30 June, IPART released its wholesale water pricing determination. The determination sets the price that Sydney Water and Hunter Water can charge to wholesale customers and poses a terminal threat to the private water industry in NSW.
Northwest Priority Growth Area Submission
A submission has been sent to the NSW Government in response to the North West Priority Growth Area – Land Use and Infrastructure Implementation Plan.
UDIA has lodged its submission regarding the Draft Biodiversity Regulation and Associated Pages.
Proposed Greenfield Housing Code Submission
UDIA's submission to the NSW Government in response to the Proposed Greenfield Housing Code: Explanation of Intended Effect (EIE) and the background paper, A Review of Complying Development in Greenfield Areas, May 2017 has now been lodged.
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.