Market/Finance News Blog: Great changes ahead for NSW

By the resi financial blog team, 05 June 2014

Great news for the NSW economy 2014

Those with an interest in the New South Wales property market - whether as homeowners or investors - will be interested by recent announcements made for the city.

One change will reshape Sydney, while another reduces red tape during the building process.

Either way, individuals will instead be able to focus on getting the best variable or fixed home loan rates for their needs.

Sydney gets great

A Greater Sydney Commission will be established in order to modernise how the state government delivers key infrastructure and planning priorities. 

"Sydney is Australia's greatest city and one of the best cities in the world to live in - we want to keep it that way," explained NSW Premier Mike Baird in a statement.

Mr Baird announced the introduction of the commission along with Planning Minister Pru Goward on June 3.

The commission will act as a single touch-point for urban planning and infrastructure priorities, which is set to streamline delivery of such projects and plans in the NSW capital. 

The Greater Sydney area accounted for almost two-thirds of the whole state's population in June 2013, resting at 4.76 million people. With this number expected to grow, strong infrastructure is a must in the city.

However, for current property owners, there's plenty of appeal. With better service delivery being promised, houses and apartments located close to areas geared up for infrastructure development may see strong capital growth.

Cutting red tape

Families taking out loans to build new properties will soon save $800 thanks to a change announced by Ms Goward and Minster for Police and Emergency Services Stuart Ayres.

Home builders will no longer need to do a bush fire risk assessment when lodging a development application if an upfront assessment has already been completed by the Rural Fire Service.

Strict conditions must be met, however it's anticipated this will save costs for those who are building.

"Obviously safety is our first priority, and these sensible changes will save families time and money simply by removing duplication when building a new home without compromising safety," explained Ms Goward.

Categories: Home Loans