Increased Affordability And Options For Sydney Homebuyers

The NSW Department of Planning and Infrastructure has put forth some proposed reforms which will help to provide more affordable houses for sale in the Sydney real estate market.

This is great news for those looking to buy real estate in Sydney, as the property market there is known for being one of the most expensive in the country, along with Perth.

According to the Department of Planning, the changes will include reducing the minimum lot size in low density areas to 225 square meters, while high density areas will be lowered down to 125 square meters.

This will enable developers to construct a variety of smaller and more affordable housing options for homebuyers in the state.

Other changes that have been proposed by the department include introducing a new type of multi-unit building. This will be called a ‘Manor House’ and will be situated on corner lots. Consisting of four units, this two-storey building will provide cheaper accommodation options for Sydneysiders.

There will also be changes to studio units above garages, also known as ‘Fonzie flats’. The state government has proposed changing strata subdivision rules that govern these units so that they can be sold separately from the main residence which they are attached to.

Brad Hazzard, state minister for planning, said that once these changes are passed through, homebuyers will have a wider range of housing options in the Sydney real estate market.

“The proposed changes which centre on smaller lot development and a variety of medium density housing choices is a win-win situation,” he said in an August 28 statement.

“Not everyone wants a large and elaborate house – as our population grows, there are empty nesters wanting to downsize, and first homebuyers who need affordable homes.”

The focus of these development changes will be in Sydney’s Growth Centres, which the government has identified in the western suburbs.

Here, the government aims to accommodate for 500,000 new residents to Western Sydney over the next 25 years.

These proposed changes have been welcomed by the Urban Taskforce, with Chief Executive Chris Johnson stating that they will help affordability to improve further in the Sydney market.

“Sydney’s housing has a reputation of being among the most expensive in the world and it is essential that the cost of a new home is lowered,” Mr Johnson said in an August 29 statement.

Source: www.raywhite.com