A paper on planning laws in New South Wales (NSW) could help increase Australian property investment in the area and encourage businesses and housing developers to work there, according to the Property Council of Australia.
It claimed that the release of the report could help positively alter the development mindset in the state as long as it is implemented correctly.
NSW is struggling with housing affordability and figures from the Real Estate Institute of New South Wales released last month showed a rental vacancy rate of only 1.4 per cent in its capital city of Sydney.
Glenn Byres, NSW executive director, said he hoped the potential reform plans indicated "a cultural sea change" across the area.
"Competitor states have outpaced NSW in the race for investment, new housing production and the creation of low-cost, low-risk business environments," he added.
The new system suggested by this recent report should encourage growth and investment rather than increasing red tape or planning constraints, according to the executive director.
Posted by Steve Douglas