The proposed easing of “red tape” for property investors in NSW could have a positive impact on those considering development projects.
NSW planning minister Brad Hazzard's proposal to change existing laws will, if approved, lift housing production and increase construction – welcome news for investors who are looking to build.
He unveiled the proposal, entitled 'A New Planning System for NSW' on Saturday.
It means fewer restrictions, less red tape and simplified land use zones.
NSW property council executive director Glenn Byres told the Australian Financial Review the reform would clear the way for fresh investment.
"The investment climate was so polluted and there was such a stain on the system that the government needed to signal far-reaching reform," he said.
The proposed legislation will go to parliament in 2013.
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