Relief for NSW as levy rise deferred
Investors and home buyers can let out a small sigh of relief with news that the New South Wales Government will defer a scheduled 50 per cent increase in development levies, but industry pundits claim a more permanent solution is needed.
The Urban Taskforce chief executive Aaron Gadiel said the government’s decision followed a Productivity Commission finding earlier this year that revealed NSW has the highest development levies in the country.
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“The government’s decision to defer this very substantial increase scheduled by the former Keneally Government is a positive step,” Mr Gadiel said.
“The reality is the existing levies are already unaffordable. Any increase, let alone a 50 per cent increase, will further impact the state’s housing supply.”
In the new release areas of Western Sydney, levies will remain close to $12,000 a home, until the end of the year, while in the Lower Hunter levies will stay at around $6,000 to $23,000 a home, Mr Gadiel said.
