Sydney in midst of big project boom

Sydney is undergoing a development frenzy, with the number of $20 million-plus property projects approved by NSW planning authorities jumping nearly 70% so far this financial year, compared to total approvals in 2013-14.

HOUSING

The government-backed Joint Regional Planning Panels that are responsible for determining projects valued at more than $20 million have approved a record-breaking $10 billion in development applications during this financial year to date.

In comparison, just $6.44 billion worth of projects over $20 million were approved in 2013-14 and $9.979 billion were approved in 2014-15, according to data released by the NSW government.

The Sydney West JRPP, which determines projects in regional areas such as the Blue Mountains, Wollondilly, Camden, Campbelltown, and suburban areas such as Blacktown, Fairfield and Parramatta, accounted for most of this year’s planning approvals.

Ninety-five per cent of determinations across the state have been in line with recommendations from council assessment staff

All up, the Sydney West JRPP approved 129 projects worth nearly $5.7 billion in the year to date, compared with the $2.038 billion approved by the JRPP in 2013-14.

The JRPP stresses that most determinations are in line with local council recommendations.

“Ninety-five per cent of determinations across the state have been in line with recommendations from council assessment staff,” a JRPP spokesperson says.

“This indicates that the recommendations from council planning assessment staff are a key factor when the JRPPs determine projects.”

NSW’s six JRPPs are made up of five members, two appointed by the Planning Minister and two appointed by the relevant local council, with an independent chair chosen after consultation with Local Government NSW.

This article originally appeared on www.theaustralian.com.au/property.

 

Source: http://www.realcommercial.com.au/blog/deals/sydney-in-midst-of-big-project-boom/

Date: 19 April 2016

Author: Lisa Allen

Related Articles

Comments are closed.