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New property approval processes 'need to be introduced'

Processes relating to the approval of new property in Australia need to be created, the Urban Taskforce has said.

New approval processes relating to the construction of property in Australia need to be introduced, the Urban Taskforce has claimed.

The non-profit organisation, which represents Australia's most prominent property developers and equity financiers, said that failing to do so could cause considerable problems in New South Wales (NSW).

"NSW's investment in new housing, business premises and retail precincts will decline even further if there isn't a sensible approval process in place," Aaron Gadiel, the Taskforce's chief executive, said.

He went on to say that NSW was home to the highest level of building activity until 2007, but that this was no longer the case.

Mr Gadiel explained that the value of building activity in Victorian is currently 12 per cent higher than in NSW.

Figures recently published by the Australian Bureau of Statistics revealed that the number of new properties in Australia approved for construction by the government fell by 1.7 per cent to 12,894 in February.

Posted by Steve Douglas 

- property, approval, building

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