47 million, that's equavalent the sale of about 100 median sydney homes, not a big outlay in the scheme of things when you think of it. I was in Perth when Alan Bond was one of the richest men in Australia, what a legend he was. One day the bond tower had BOND on the top and the next it was R&I lol lol.
The New South Wales Government has granted rezoning approval for three major development and retail hubs in Western Sydney.
Penrith, Narellan and Liverpool should see more than 4000 jobs created and $1.1 billion dollars invested as a result of the approvals.
The three rezonings will provide an extra 100,000 square metres of retail space and boost shopping options for nearby residents.
Richard Pearson, deputy director-general for planning and infrastructure, says the proposals will facilitate the community’s increasing population.
“These rezonings will allow retail development to provide the capacity needed to service the strong population growth as more suburbs are developed.
“Providing more retail space helps put downward pressure on prices and lowers the cost of living.”
Development proposals can now be lodged for each of the sites.
The Penrith Panthers rezoning allows for an $850 million development including general retail development, a brand outlet centre, offices, hotels and apartments.
The rezoning of the Narellan town centre in Camden will enable a $300 million expansion of the existing retail centre, roughly doubling its size to more than 90,000 square metres.
The rezoning of Liverpool’s 19,000-square-metre Orange Grove retail centre is expected to create 400 permanent jobs by permitting the operation of discount outlet stores up to seven days a week.
The department approved the rezonings after ensuring they were in line with the vision of the draft Metropolitan Strategy and requiring that councils consulted with local communities before making their recommendations.
Building approvals in Sydney are at their highest levels in a decade, despite fewer new houses being given the green light.
Almost 7400 dwellings were approved across the city in the three months to the end of June, which is the highest since the final quarter of 2002.
Yet there was a collapse in house approvals in the month of June, with apartment approvals outnumbering houses two to one: 1567 units to 772 houses. .
The government points to a different set of figures to show overall housing construction in Sydney has begun to pick itself off the floor.
Associate director at BIS Shrapnel, Kim Hawtrey, said the building outlook for the Sydney market "is the best it's been in a decade". And while the state government was indeed encouraging developers and builders back to Sydney it was too early for them to claim all the credit for this upturn. And after years of under-building in Sydney, the high overall number of approvals was still well below the rate needed to satisfy demand.
"We could absorb one-third or even 50 per cent more approvals than there are at the moment for several years without exhausting demand," he said.
The number of properties being constructed in Sydney has reached a 10-year high, jumping by more than one third in a year, according to NSW premier Barry O’Farrell.
With figures from the NSW Department of Planning and Infrastructure showing that 21,097 homes were built in Sydney during the past financial year, Mr O’Farrell said housing is an important driver.
“Housing is such a crucial economic driver because of the jobs it creates and the flow-on investment as people buy new appliances, carpet, blinds and furnishings,” Mr O’Farrell said.
Proposed changes to Sydney’s Growth Centres are a welcome boost to small developers and property buyers in the area, according to the Urban Development Institute of Australia (UDIA).
Sydney’s North West and South West Growth Centres have been identified as requiring a shift in planning policy to allow for a broader range of properties on smaller lots, a recent announcement by planning minister Brad Hazzard outlined.
UDIA NSW chief executive, Stephen Albin, said that the changes to the creation of small-lot housing had been long-called for.
“Proposed changes to the planning requirements can’t come soon enough for industry, and first home buyers looking to get into the market,” Albin said.
The changes include facilitating of townhouse and villa-style housing across more areas and studio dwellings located above garages in new housing developments that are strata subdivided from the main house so they can be sold separately.
Minimum lot sizes will also be changed to 225sqm as opposed to 250sqm to 360sqm at present, while in areas even more capable of supporting higher densities, 125sqm will be considered.
Another potential introduction includes the concept of a ‘Manor Home’, where a corner block property is built that looks like a two-storey home but actually includes four separate units.
“It will streamline approvals and cut costs and delays, helping homebuilders and renovators realise their dreams,” Hazzard said.
“All of the proposed changes will add to new housing opportunities in the Growth Centres by making building homes more financially feasible,” he said.
Albin pointed to development levies as the next issue to require attention.
The proposals are currently on exhibition until October 14.
It must take a certain determination to see in the grudging return of construction activity to the levels of a decade ago, support for a misplaced prediction of a massive construction boom starting three years ago.
Do you have to hold your breath or clench when you post this sort of thing in order to get through the task or have you pretty well perfected the technique?
I spoke to a sales manager from Sandvik today, Boral is almost ready to key their major new sand and gravel processing plant at their Peppertree Quarry, it is to replace the lakeside quarry that has now played out. I asked how was construction itself going in the Sydney area. It has been flatlined for ever now he told me and is actually heading slowly downward, probably due to the election. He thought it might pick up next year with some major infrastructure projects. I said "if they have the money?" He just looked at me with that resigned expression I have seen him display for well over a year now. Things are not good in Sydney, or anywhere for that matter.
NSW dwelling construction will recover from years of low supply and pent-up demand to outstrip the other states over the coming few years, according to the biannual BIS Shrapnel Building Forecasting Conference.
Dwelling construction in New South Wales is likely to outpace the other states in the next few years, after years of low supply and pent-up demand…
NSW South Wales dwelling construction has the potential to be back at the peak levels unseen since the Olympics, BIS Shrapnel associate director Kim Hawtrey said.
Construction numbers slumped after the 2000 Olympics, and some recovery was made in the early 2000s after the Howard government launched the first home buyer’s grant. The numbers have ended to move down or sideways ever since…
“Wollongong and Newcastle is also on the rise, that’s being driven by retirees as well as younger people who cannot afford to buy in Sydney”…
He said NSW could look forward to the same gains [as Victoria] now that planning reform was under way and more land was being developed.
Sydney home buyers who can't afford the booming prices in the auction market do have other options. The number of new houses built each year on the city's fringe is expected to double over the next five years as more affordable house and land packages encourage buyers away from existing stock, a new report says.
The construction of new houses almost ground to a halt towards the end of last decade as skyrocketing land prices made them much more expensive than homes that were already built, says the BIS Shrapnel report, Outlook for Residential Land 2013 to 2018.
Since then buyers have been more interested in new apartments closer in to the city. As of December the ratio of approvals for new properties was almost two-to-one in favour of apartments. But that is narrowing.
The report's author Angie Zigomanis, a senior manager at BIS Shrapnel, said new house construction would increase over the next few years because falling land prices after the GFC and rising house values soon after had "improved the equation" for new versus old, while the release of more subdivisions would satisfy unmet demand.
Such is the hunger for new homes that the first 95 lots at Stockland's 3000-lot Willowdale project at Denholm Court, near Leppington in the south-west, sold out as soon as they were released.
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