1. Pandemic Spike We have come off a big spike in demand during the pandemic. This set a new high bar for growth which was unlikely to continue.
2. Low Future Supply Flight to #regions caused land supply anticipated to last for decades to be taken up in a much shorter period of time. New land supply has not kept up with demand.
Worse, Councils such as Macedon Ranges Shire Council are refusing to accept the reality of needing to find more land to cater for future #growth with the types of housing people want in a regional area.
Given rapid price growth, what is left in these areas is often too expensive for the many who would still like to make the move.
3. Slow Approvals Regions such as Northern NSW continue to struggle with slow #approval timeframes for development approvals for larger projects on existing zoned land.
These regions have also struggled with builder capacity to deliver new homes after the floods, however this is now starting to improve. This will, in turn, help consumer confidence.
NSW Councils also particularly struggle with how long it takes to run a rezoning process, even for areas already identified for future urban growth. This is partially Council capacity, and partially just how slow and laborious going through the State zoning process is.
🤔 What are the solutions?
– Fast-track zoning to ensure sufficient developable land is available – Improve planning approval timeframes (get involved, States) – (NSW) remove the need for individual DAs for single dwellings to free up capacity for Councils to process larger developments