Green property investment encouraged by City of Sydney
Eco-friendly property investment may be more attractive than ever for Sydneysiders, with the city pledging increased incentives for environmentally-conscious developers.
The City of Sydney announced today (July 5) its plans to reward property developers and owners who invest in green initiatives in line with the Sustainable Sydney 2030 plan.
Under the proposed scheme, those who invest in sustainable building measures, such as green roofs and energy and water saving schemes, may be eligible for a tax exemption.
Sydney city lord mayor Clover Moore said introducing the green incentives would encourage property owners and developers to become more environmentally conscious when building a dwelling.
"Developers need to be innovative when designing for the future and it's essential for them to consider sustainable initiatives such as green energy, water harvesting and active transport," she said.
If the plan is approved, those developing green investment properties would be able to apply for partial exemptions and waivers of the development contribution levy.
The levy applies to projects valued at more than $200,000 in central Sydney and is injected back into public works across the city.