Faster approvals for Sydney property construction
Anyone considering buying land and building their own residential property in Sydney could be in luck, with a recent release from the New South Wales government highlighting the increasing number of home builders getting their approvals fast-tracked using the method known as complying development.
This could be the perfect opportunity - regardless of whether you're a first time buyer or an experienced property investor - to construct your dream home in one of Australia's fastest growing cities with an accelerated approval process.
Complying development can save people up to $7,000 off their home construction while helping to get their project approved extremely quickly if the plans meet certain requirements - which include the property having the right height, floor space and landscaping.
NSW Planning and Infrastructure Minister Brad Hazzard said new figures released in the latest Local Development Performance Monitoring Report 2012/13 indicated that complying development was now being used for 25 per cent of all housing approvals in the state.
"It's great to see that home builders can take the hassle, headache and delay out of planning by taking advantage of the fast-track approval process," said Mr Hazzard in a March 9 statement.
"The evidence is clear - expanding the fast-track system for developments that comply with planning regulations has meant new homes and renovations have been completed sooner, cutting costs and time."
Further figures about the faster home approval rate detailed in the report showed that it took an average of 17 days for homes to be approved under complying development. This is in contrast to 68 days under normal approval circumstances. These approvals were worth $3 billion - a 35 per cent increase over the last 12 months.
Furthermore, fast-tracked developments also help the local economy , with more businesses seeing the benefits of construction investments faster, allowing for a quicker cashflow turnaround in the long run.
"The New South Wales government expects to see further increases in fast-track development approvals as a result of recent expansions of complying development to include straightforward renovations such as building a garage door or putting in a foot path," said Mr Hazzard.
Now could be the perfect time to begin investigating the construction options available to you for the development of your dream home. With the official cash rate still tracking at a historically low level and approvals beginning to pick up speed, this could be the right time to consider constructing residential real estate in Sydney.