Good news for developers and builders as the NSW Government announces new approval pathways for residential properties
The NSW Government announced a considerable reduction in the minimum size for housing lots in Sydney’s outer growth suburbs, effective immediately. The standard minimum lot size of 250 square metres will still apply, and where close to transport and town centres lot sizes may be further reduced to 125 square metres (SMH). The Sydney Morning Herald recently reported the average floor plan of a new constructed house in NSW to be 270 square meters.
The lot size changes affect 6 council areas – Blacktown, Camden, Campbelltown, Liverpool, the Hawksbury and Hills Shire. The Department of Planning expects the changes will aim to deliver home and land packages for $400,000.
Recent reports by the NSW Government of Planning and Environment indicate Sydney’s population is expected to grow by 1.6million residents by 2031 requiring an additional 664,300 new homes; as a result the planning system was altered to ensure the supply of new homes meets demand. For developers and builders this means reduced costs, simple more consistent planning rules and overall, less red tape; while home buyers benefit from a varied range of housing choices and more affordable new homes with potential savings reaching $40,000 (NSW Government, Planning & Environment).
The new approval pathways provide options for developers and builders to subdivide land into smaller lots before construction, improving the feasibility of new small lot housing projects in Western Sydney and allowing homes to be sold earlier (NSW Government, Planning & Environment). New subdivision approval pathways will further increase the opportunity to fast track complying development approvals for new homes on smaller lots by streamlining approvals (NSW Government, Planning & Environment).
For more information take a look at the Housing diversity Sydney Growth Area brochure recently released by the NSW Government of Planning & Environment http://growthcentres.planning.nsw.gov.au/Portals/0/Housing%20Diversity%20Docs/Housing%20Diversity%20Gazettal%20Docs/Housing_Diversity_Brochure_2014.pdf