NSW Expediting Housing Approvals
I recently read an article on Your Investment Property which talked about minimised approval times for new housing and how this change can help streamline projects and cut the cost and time of developing them. This is definitely good news, as red tape oftentimes chokes the project pipelines.
90% housing approvals in 40 days
It is not new to us that this costs the property market economy crazily and even touches upon the macro-economical picture of the nation. A forward-looking planning system aimed at sanctioning 90% housing approvals within a 40-day framework is certainly welcome, especially for the multi-unit residences which are abundant in the market today.
Housing shortage in Sydney indicated
If you look at the market predictions, Sydney will be staring at a deficit of 190,000 homes by the year 2024. Expediting the approvals can become a vital part of the solution. With the kind of urbanisation witnessed by Sydney in recent times, the emphasis must be laid on multi-unit dwellings.
You can read the original article here.
It is crucial to tackle red tape
Red tape has been a prime concern ever since the government shifted the economy from the mining sector to the construction sector. It paralyses the smoothness of the labour and the construction industry and delays the speed of putting up housing projects.
The writing is on the wall now. We are staring at a huge housing deficit and unless the process of housing approval is quickened, there is bound to be a shortage by the next decade, leading to chronic affordability questions.