Brisbane City Council has given the final approval to the expanded Inner-City Affordability Initiative which will reduce car parking rates for inner city apartments.
The decision follows Council’s endorsement of the changes on February 4 and the State Government signing off on the changes, which will amend the Brisbane City Plan 2014.
As part of the changes, minimum parking rates for the City Core will extended to parts of East Brisbane, Kangaroo Point and Woolloongabba and the minimum rates for the City Frame extend to parts of East Brisbane, Herston, Highgate Hill, Red Hill, Toowong, West End and Woolloongabba.
The Property Council support the changes, which follow extensive advocacy to reduce car parking requirements to improve housing affordability.
This advocacy included providing a submission to the proposed amendments to highlight how the changes will improve the feasibility of new apartment developments.
To view the Property Council’s submission please click here.
For more information on the Inner-City Affordability Initiative, please click here.