Changes to NSW Government planning policy to allow for a smaller lot development and a variety of medium density housing choices are a move in the right direction, according to the Real Estate Institute of NSW.
Amendments to the State Environmental Planning Policy are designed to increase housing options and improve affordability across the north- and south-west growth areas.
These amendments will allow for terrace and small freestanding properties which will appeal to a broad market.
They will provide a greater range of choice and support first-homebuyers and older Australians who are looking for high quality, affordable housing.
“These new developments will complement retail and commercial hubs and the changing face of home ownership and the desire to be in close proximity to the town centre,” Mr Gunning said.
HOME buyers who have given up on Sydney’s inner city are pushing up property prices in outlying suburbs to record levels, taking advantage of transport hubs and local schools.
The list of Sydney’s best-performing suburbs over the past year compiled by Domain Group indicates that sought-after schools and access to public transport are major drawcards for local and overseas buyers.
And record low interest rates are encouraging buyers to spend big.
Domain Group senior economist Andrew Wilson said given the high number of property sales in these popular areas, the figures pointed to “genuine underlying growth”.
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