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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.
“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.