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.
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.
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