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New house levies 'should be extended'

A report from the New South Wales government suggests that new house levies should be extended outside of Sydney City Council and Willoughby City Council areas.

New house levies in New South Wales should be extended, a report from the state's government claims.

The Rental Housing State Environmental Planning Policy Review Discussion Paper proposes that the levies, which currently apply in Sydney City Council and Willoughby City Council areas, should be extended to a wider catchment area.

Urban Taskforce chief executive officer Aaron Gadiel told API magazine that this would increase the prices of new homes in the areas.

A new apartment could cost an additional $24,000 (£15,598), he explained.

Mr Gadiel said that, theoretically, the policy allows 210,000 households in Sydney to occupy rent-control housing facilitated by the policy.

Earlier this week, chief economist at St George Bank Justin Smirk said that the property market in Sydney was no longer "frothy" or "unpredictable".

He went on to say that the price of Australian property in the city had returned to the levels seen in 2004.

Posted by Ravin Chatlani

- property, levy, housing, government

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