PropertyBuzz, your daily dose of property news.
8 Sydney Suburbs targeted for High-Density Rezoning, 1 in 2 strata buildings report serious defects, and a new-look leadership team at Australia’s leading real estate body?
Welcome to Property Buzz! I’m Grace Ormsby
Today is Thursday, the 7th of December.
And Sydney’s planning is set for a shakeup, a leaked document reveals the NSW government’s plans to rezone certain Sydney suburbs for high-density development, particularly around train and metro stations.
– The “Transport Oriented Development program” aims to support the construction of 45,000 new and affordable homes in eight identified suburbs by November 2024.
– An additional 31 suburbs, including areas outside of Sydney, have also been earmarked for rezoning where they lay within 400 metres of popular transit hubs.
– The Urban Taskforce has welcomed the plans but suggested the government could further increase housing near train stations.
With construction of new homes firmly on everyone’s lips, a concerning new report has found that over half of NSW strata buildings have had serious defects, with waterproofing and fire safety issues most common.
– The Strata Community Association of NSW found that more than $79 million has been spent on rectifications, averaging almost $300,000 per building.
– The survey indicates a rise in reported defects since 2021, but also noted a decline in serious defects for buildings registered since 2020, suggesting improvements in construction standards.
Turning to the real estate industry now and the Real Estate Institute of Australia has appointed its first all-female leadership team, with Leanne Pilkington as president and Hannah Gill as deputy president, bringing more than 50 years of real estate experience to their roles.
– In his leaving remarks, outgoing president Hayden Groves highlighted the resilience of the Australian real estate sector amidst economic challenges.
Looking ahead, the institute has affirmed its commitment to addressing housing affordability while Pilkington affirmed REIA’s commitment to addressing housing affordability.
That’s all for today.
See you again tomorrow, the 8th of December, for your daily dose of Property Buzz.