Sydney planning proposals offer residential real estate opportunities
New South Wales government's new planning white paper for the state has largely been greeted with approval by Sydney housing industry groups.
The white paper proposes that 80 per cent of residential development and infrastructure proposals get the green light in less than a month (25 days), and includes better community involvement in the early planning stages.
Under the reforms, residential property owners in the area will be involved in the rules around what can be built, and where.
The Committee for Sydney has given the reforms "top marks".
Chairwoman Lucy Turnbull said: "This is a major reform program which will ensure Sydney's current planning system is replaced by one that embraces the delivery of the homes and supporting infrastructure our people and our economy so desperately needs."
The Grattan Institute Cities Program director Jane-Frances Kelly said that while the reforms will not be easy, adding that "it offers the potential for long-term strategic planning, rather than having Sydney develop in an ad hoc manner".
Urban Taskforce is also positive about the reforms, saying that if properly implemented, they have the potential to lift the prosperity of NSW citizens through investment property and development opportunities, while also helping to meet the levels of population growth.