Clarity on apartment sizes a plus for affordability

Homebuyers will be the winners from the State Government’s decision to provide clarity around minimum apartment sizes, according to the Property Council of Australia.

A recent court decision had effectively opened the door to increased minimum apartment sizes – and additional costs for homebuyers.

But the State Government has today re-asserted that standard minimums will prevail over attempts by councils to issue variations.

“Homebuyers will be the winner because it keeps prices down through lower construction costs,” NSW Executive Director Glenn Byres said.

“It also helps ease the path for new supply into the market through clarity and better yields that make it easier for projects to switch from concept to construction.

“Given Sydney faces a housing deficit of 190,000 within a decade without change, this is an important signal that emphasises  the importance of clear rules.

“The swift response by Minister Stokes shows he understands the case for a simple and efficient planning system.

“It removes the risk of councils across Sydney introducing a patchwork of standards for minimum apartments sizes that add to construction costs and the final price of apartments.

“Councils that had pursued their own schemes now need to set them aside and recognise the primacy of the standard minimums.”

Mr Byres also welcomed news that the minimum standard for three-bedroom apartments will change to 90sqm, as it will make it easier to deliver a greater mix of product.

Media Contact: Glenn Byres  M 0419 695 435  E [email protected]