Naremburn Matters \ July 2024 Volume 22 No. 2 Page 9 BY LARISSA PENN We have seen the NSW State Government’s planned density changes progress considerably since the last issue. New Housing Targets Density targets have been set with Willoughby expected to deliver 3,400 additional dwellings over 5 years - this effectively doubles our expected five year delivery targets (previously 6,700 over 20 years i.e. 1,675 over 5 years). In setting targets the Department of Planning , Housing and Infrastructure (DPHI) considered our delivery pipeline and land “where re-zonings have already occurred”. This has raised concerns that the new targets are additional to the housing planned for delivery via our new LEP. New Reforms Enacted So far the reforms enacted (Tier 2 TOD and Stage 1 Low and Mid Rise Housing (LMRH) - Duplexes) have had little impact on Willoughby. Council remains in the driver’s seat (Minister DPHI 29/6/2024): “...local councils will remain the primary assessor of development applications” and it appears our Conservation Areas will remain thus far unchanged with the Mayor stating that the dual occupancy exclusion map will stay in force in response to the DPHI Ministers Density Update statement that the new duplex policy “... may be considered in heritage conservation areas”. Interestingly 4 council areas have been granted exemptions. High Impact Reforms Still to Come The remaining reforms will be where Willoughby is expected to meet it’s targets. Councils have been asked to give feedback on Stage 2 LMRH reforms via a “Refinement Paper” which proposes changes including “collaborating with councils to confirm suitable stations and town centres” around which density will be concentrated. The Minister has recently stated that “The Government is working with local councils to finalise these reforms ..” but officers say they are awaiting further consultation. It’s unclear when these reforms will be enacted and the selected centres are yet to be made public. Earmarked to deliver the highest density changes, the Accelerated Precinct TOD was proposed in order to rezone land for high density 1.2kms around 8 Stations. There appears to be changes to the 1.2 km radius concept around the Crows Nest Metro TOD. We are advised that the increased density will be restricted to the St Leonards/ Crows Nest 2036 plan area - the scope of which originally included parts of South Naremburn and the RNSH Precinct/ Herbert St zones. Consultation is due in July. Confused? It’s unlikely that we or you will know the specifics until the government releases the next stages. To provide for greater certainty Waiting for better market conditions before buying a property might seem like a smart strategy. But it can actually backfire, because market conditions are always fluctuating, influenced by factors like interest rates, population growth, and local supply/demand. Trying to time the market perfectly is nearly impossible, even for experts. Meanwhile, as you wait, property prices are likely to rise, making it more expensive to buy later. For instance, over the past two decades, median house values in Australia have shown an annual increase of about 6%. Presently, the national median house price stands at $933,000. This suggests that, based on historical trends, a property * This information is general advice and does not take into account any person’s particular financial objectives, situation or needs. You should consider whether it is appropriate to your particular circumstances. R1,11 Chandos Street, St Leonards NSW 2065 PO Box 186, St Leonards NSW 1590 Naremburn residents serving the local community Jane Ridder BBus(FinPlan) DipFMBM Financial Adviser P 02 8203 4160 M 0418 539 080 E Jane.Ridder@infocus.com.au W infocus-stleonards.com.au Jim Leone DipFMBM Mortgage Broker P 02 8203 4160 M 0403842669 E james.leone@infocus.com.au W infocus-stleonards.com.au PERSONAL WEALTH CREATION | BETTER MORTGAGES | RETIREMENT PLANNING of this value could potentially appreciate by approximately $56,000 over the next year, assuming average growth rates persist. We believe the best time to buy is often more about your personal circumstances than market conditions. If you have a stable income, good credit, and are ready to settle down, these factors indicate that it could be the right time to buy a home or investment property. If you would like to have an obligation free chat about your long-term goals, please feel free to reach out to us. IS NOW A GOOD TIME TO BUY? PROGRESS OF DENSITY REFORMS Density Changes Enacted • Additional 3,400 dwellings target over 5 years for Willoughby • Tier 2 TOD - Willoughby Excluded • Low rise Density-Duplexes - No known change for Willoughby Density Changes Pending Implementation • Low and mid rised density “Well Located” R2 and R3 zones - locations not yet known. Councils have been asked to nominate local centres/ stations for increased Low and Mid Rise Density Density Changes about to go on Consultation - please make a submission! • Transport Oriented Development (TOD) Accelerated Precinct - area around the Crows Nest Metro Station for increased density. Area/details not yet known - consultation due July 2024! and better planning outcomes we have suggested that WCC proposes amendments to their own well evolved zoning plans and applies for an exemption, particularly given the time needed to address the deficit in our water management systems, but this is not an option currently being pursued. Please write to council and/or keep an eye out for consultation on the TOD reforms due out in July. Check our website for updates.
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