This week I’m addressing the Environment and Planning Law Association at Sydney Zoo, Bungaribee. An actual lions’ den.
I’ll talk about the need for the NSW Government to lift its housing run rate.
The Premier himself is onto this. At the Sydney Institute Dinner last week, he mentioned the need to improve on six homes per thousand people per year efforts of NSW over the past twenty years versus eight in Melbourne and 9/1000/year in Queensland. Correct weight.
The answer in one sentence: Make housing a desirable investment for institutions and individuals.
Regrettably, this government continues to apply the brakes to property investment in housing and other city assets.
By February 2024, recently legislated NSW wholesale unit trust rules will repel foreign investors who invest indirectly, through a wholly owned company or trust and hike landholder duties for private trusts and corporate consolidation transactions.
This is bad policy which puts NSW at a disadvantage to other states and adds to the growing sense that our biggest state doesn’t have a consistent approach to attracting and keeping inbound investment.
The imminent NSW housing statement will be a cowardly beast indeed without the capital to feed it.
Like many of you, the Property Council is leaning into the welcome and growing diversity of our industry.
It is great to have been named an Inclusive Employer for 2023-2024 and I want to thank our terrific team across the Property Council for making that happen.
This recognition highlights the work we have done and our members’ positive work with us through our committees around the country. Well done one and all.
Next week, interestingly, benchtops.