UDIA NSW Annual Market Luncheon
--Date: Thursday 16 September-- --Venue: The Ivy Ballroom Sydney--
Guest Speakers:
- Mr Louis Christopher, Managing Director SQM Research
- Mr Dan White, Director Ray White Invest
Guest Panelist: Mr Nigel Edgar, NSW General Manager- Residential Australand
UDIA NSW’s Annual Market Luncheon is an event not to be missed. As we start to see the green shoots of recovery emerging after the global financial crisis, is the industry on the path to prosperity or are we experiencing a ‘dead cat bounce?’
Latest News
The Minister for Planning, the Hon. Tony Kelly MP, has reneged on his commitment to a $20 000 cap for section 94 Contribution Plans. The Minister announced:
- The introduction of a $30 000 cap on section 94 contributions for greenfield areas;
- The grandfathering of existing contribution plans, so that areas with more than 25% of DAs lodged with the Council will not receive the benefit of the cap;
- The establishment of a $50 million Priority Infrastructure Fund over two years to help fund infrastructure in development areas;
- Exempting councils with plans under the relevant cap from reviewing their contribution plans; and
- Allowing developers to pay above the relevant cap if they agree to do so and they inform the Minister of this decision.
These new measures will be combined with a $20 000 cap for brownfield areas and an option for Councils to apply to IPART for special rate variations. UDIA NSW has criticised the NSW Government’s announcement, claiming that the changes will only make an unworkable approvals process more complex. UDIA NSW is concerned that the measures do no address the real issue of housing affordability and funding of community infrastructure. UDIA NSW will continue to advocate reform to local council development charges, continue to develop alternative models for financing community infrastructure and ensure that reforms are on the agenda at the upcoming State election.
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