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NSW developers continue to lodge DAs despite downturn

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1 minute read

NSW developers continue to lodge DAs despite downturn

by Sam O Connor 11 November 2020 1 minute read

NSW Land Registry has reported an 8 per cent increase in plans lodged compared with the same time last year.

NSW developers continue to lodge DAs despite downturn
November 11, 2020

The registry also reported a shift away from strata buildings towards land-based subdivisions throughout the pandemic.

“This may signal a change in consumer demand, with more people working from home and a [Sydney] CBD location not as critical,” NSW Land Registry chief executive Adam Bennett said.

The NSW Land Registry operates a preliminary examination tool, which developers can use to provide an initial assessment of their plans against lodgement requirements.

Mr Bennett said there has been a 14.28 per cent increase in the amount of lots pre-examined this year compared with 2019.

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Low interest rates and government stimulus have supported demand for housing, with UBS analysts upgrading their forecasts for housing starts to 170,000 for the year from 153,000 in June.

UBS analysts said, “Residential building approvals were far stronger than expected in September, up 15.4 per cent to 190,000 annualised, the highest level since February and one of the highest since the 2018 boom.”

NSW developers continue to lodge DAs despite downturn
NSW developers continue to lodge DAs despite downturn
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Sam O Connor

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