NSW to bolster unit values with EV funding boost

The funding boost increased the state’s EV investment from $595 to $633 million under its Electric Vehicle Strategy, which envisions making NSW the easiest place to buy and use an EV in the country. 

Out of the newest EV investment allocation, $10 million will be funnelled towards co-funding around 125 medium and large apartment buildings that have more than 100 car parking spaces to make EV charging electrical upgrades. 

The figures represent the single biggest commitment by a state or territory government towards supporting EV charging in strata-titled properties, such as apartment buildings.

A further breakdown of the figures showed that $10 million would finance the establishment of 500 kerbside charge points that will provide on-street charging in residential streets where private off-street parking is limited. 

With the most recent census data showing that one in three people or 33.4 per cent in NSW currently resides in an apartment or townhouses, SCA (NSW) stated that funding would answer “a critical need” of tenants for such infrastructure. 

“It is good news for our planet, and for the millions of NSW residents living in strata complexes who either own an EV or are looking to purchase one, with the convenience of charging and guarantee range to become more readily available than ever before,” SCA (NSW) president Stephen Brell stated. 

The funding boost for EV infrastructure is also a significant win for the SCA, which strongly campaigned in the lead-up to the May election for strata to be adequately funded to facilitate the rollout of EV charging. 

“This funding acknowledges the substantial multiplier effect of the strata industry in helping consumers to access more sustainable living choices,” Mr Brell said. 

The SCA highlighted that having access to EV charging will also have the potential to drive consumer behaviour and increase apartment values.

Suzi Bellas, the associate director of Netstrata, shared that one of the buildings under its management, The Lennox in Parramatta, has seen firsthand the benefits of having EV charging installed.

“With such a high uptake of EVs in the Parramatta area, having EV chargers installed at The Lennox has really helped residents to take action against climate change, give the building a competitive edge over other apartment complexes in the area and set the benchmark for future residential complexes,” she stated. 

SCA national president Chris Duggan commented that if properly supported, the ever-growing strata sector is in an optimal position to help not only in ushering in the EV revolution, but also help the government reach its goal of becoming a renewable energy superpower. 

“The strata sector is a sleeping giant, which has the potential if unlocked to deliver massive change for the critical areas the government is targeting like net zero, cost of living pressures and housing affordability,” Mr Duggan stated.