Sydney welcomes new land releases
The property industry has cautiously welcomed news of two new land releases in Western Sydney.
Urban Taskforce chief executive Aaron Gadiel said the announcement by New South Wales premier Barry O’Farrell was a step in the right direction for the city’s property market.
However he warned that no actual subdividing would take place until precinct planning is completed, land is rezoned and development approval is granted.
“The challenge that the government and local council now have is to complete the precinct planning swiftly, so that an actual rezoning can occur.
“Under the former government, the precinct planning process was known to meander for years,” he said.
“Twenty months ago, the former government ‘released’ five precincts in the growth centres, and yet none of them have been rezoned.”
Mr Gadiel said Sydney’s lot production will have to double just to meet existing targets for the suppl of new houses.
“No Australian capital city approves less homes, per person, than Sydney.
“This has to change if Sydney is to become a more affordable place to live.”