UDIA NSW news
Steve Mann comments on apartment market
"As the market is currently soft, developers are seeking flexibility, particularly during a time of uncertainty about mortgage financing, foreign buyers and negative gearing," UDIA NSW CEO Steve Mann said.
DPE stops Ingleside due to bushfire risk
Proposed development plans for Ingleside will not proceed after an independent bushfire risk assessment found the 2016 draft plan would put future residents in danger.
Interim biodiversity arrangements extended 12 months
The Minister for the Environment has extended the Western Sydney Interim Designated Area for another 12 months. This means that development applications within this area won’t have to transition to the biodiversity offsets scheme until after 25 November 2019.
AER Determination Regarding Substation Equipment And HV Cabling
Developers in western Sydney, the Illawarra and South Coast will again have to pay for substation equipment and high-voltage cabling, following a decision by the Australian Energy Regulator (AER).
Tax deductions for vacant land protected
Assistant Treasurer Stuart Robert has confirmed property developers will be exempt from proposed new laws which would deny deductions for expenses associated with holding vacant land.
New GSC Commissioners
The Premier has announced new and reappointed members of the Greater Sydney Commission.
Western Sydney Aerotropolis LUIP announced
The long-awaited Western Sydney Aerotropolis LUIP was today released by DPE.
The draft Stage 1 plan provides a foundation for a conversation with the community and industry, enabling a collaborative approach to the finalisation of the plan, which will set the strategic direction of the Aerotropolis. It does this by defining how the broader region's environment, waterways, infrastructure and economics will come together to create the Aerotropolis.
Interim Occupancy Certificates deferred
UDIA NSW has been advised the removal of Interim Occupancy Certificates has been delayed by 12 months and will now commence on 1 September 2019.
PwC report shows importance of development
A new report reveals the development's contribution to the NSW economy and the risks of putting the brakes on supply.
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.