Planning reforms for NSW offer support
Some of the biggest obstacles to people achieving their property goals are challenges posed by the intricate planning systems that are needed to help provide permission for construction projects nationwide. Before you can even applying for a construction home loan, you need to ensure everything you're planning on doing is above board and legal - which can take a significant amount of time.
However, a number of states have started to reform these systems, allowing for faster, more streamlined property applications. These will be pushed through to help speed up the number of projects being approved, started and completed in the face of an increasing population. For example, New South Wales Minster for Planning Pru Goward recently announced a host of improvements that aim to speed up the planning process and help communities develop faster.
"To rebuild New South Wales we need a planning system that's nimble and predictable, providing business and the community certainty about the process and time frames. It is unreasonable for communities and industry to wait years for projects to be determined, when we can optimise the processes to reduce the time taken," said Ms Goward in a November 21 statement.
These changes include allowing for larger projects - such as manufacturing plants or mines - to be approved faster, reducing the amount of time needed to get these plans approved by as much as 170 days. Ensuring the continued growth of the local community and the infrastructure is important, creating a number of employment opportunities for those moving into the area.
"These large and complex applications often require expert advice from government agencies other than the Department of Planning and Environment and this can add time to assessments. We will start by introducing clear and measurable time frames for assessments and ensuring government agencies work better together to meet these time frames," said Ms Goward.
Further stimulation for Western Sydney property market
This announcement of increased planning speed for larger projects comes after Ms Goward announced plans for 11,000 extra homes in Western Sydney earlier this month (November 10), which could offer some incentive for investment home loans in the coming months.
The districts around the North West and South West rail links are the regions at hand, with Ms Goward saying the land releases in the area would also allow for the creation of parks, shops, cafes and schools - offering a number of incentives to consider investment in the community.
With increasing employment opportunities occurring alongside residential construction, making moves into Western Sydney's property market could be good for your portfolio. Member for Riverstone Kevin Conolly said that there were up to 4,000 new homes included in the development plans for Cudgegong Road alone, with many more expected across the remainder of the region.
"People living in the new precinct will have great public transport services, with a train at least every five minutes in peak times at Cudgegong Road. With 16,000 square metres of retail space for new shops, restaurants and cafes and other services, the Cudgegong Road precinct will generate more local jobs," said Mr Conolly.
Furthermore, with schooling facilities being constructed as well, this new development region could be the perfect place to establish an investment portfolio for your future. Get in touch with a financial expert to begin discussing the various home loan options available to you and work towards securing your own investment site in the Western Sydney region today.
Image credit: Phalinn Ooi