Home News Cut in NSW developer levies to stimulate housing market

Cut in NSW developer levies to stimulate housing market

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The government's recent significant cuts to developer levies are yet another measure that should revitalise the flaccid NSW housing market and buffer the sector against the global downturn.

Executive director of Master Builders Association of NSW, Brian Seidler, said the impact of the changes - which will see a developer, currently paying up to $94,000, only incur charges of around $30,000 - will contribute to a revival of the housing market in NSW and stimulate investment in the sector.

"NSW has been more severely impacted by the economic downturn than any other state. The housing market in NSW has been at a virtual standstill for years, and this has compounded housing affordability issues," he said.

"For years, Master Builders has been calling for a reduction of developer levies to address housing affordability. We hope that yesterday's announcement, when combined with recent increases in the First Home Owner Grant and sliding interest rates, will trigger the necessary confidence to deliver new housing to NSW."

However, Seidler went on to say that greater reform was needed in the industry.

"We'd like to see further consideration given to stamp duties, fast tracking land release and the delivery of infrastructure projects to support new housing developments," he said.

"The NSW government also recently introduced the Housing Code for Exempt and Complying Development, which should help speed up the building approval process. The success of this initiative relies on the support of local councils to help expedite new housing, and we hope this is forthcoming." 

 

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