New South Wales property investors considering whether to develop new properties or complete renovation work on existing investment properties will enjoy the news DA approval times in that state may be reduced.
The New South Wales state government has proposed that DA approvals could soon have their waiting times and holding costs drastically reduced, with approval times to take just ten days.
The proposed reductions come as part of the New South Wales Government White Paper, a planning system focused on sustainable growth to deliver the jobs and houses needed to support the states growing cities and regions.
The NSW Minister for Planning and Infrastructure, Brad Hazzard, advised the government aim within five years for 80 per cent of applications to go through a faster code assessment process. This process has the potential to save the community and business around $174 million a year through reduced delays.
A reduction in approval times could help to drive future growth in the property and housing sector by encouraging investors to put forward requests for development of both new and existing properties.