Regional Developers Update | Illawarra and Shoalhaven
In this edition:
- Stamp Duty Exemption Changes
- Wollongong Affordable Housing Options Paper
- Council Support for Boarding Houses
- Shoalhaven LSPS
Stamp Duty Exemption Changes
The NSW Government has extended the limit for stamp duty exemptions for first homebuyers from $650,000 to $800,000. UDIA is supportive of this initiatives but would like to see it extended to all homebuyers, not just first homebuyers who make up 27% of the market. For the Illawarra, the change is very welcome because the average new house price is currently around $675,000. This means that many homes previously just above the limit are now eligible for the stamp duty exemption. UDIA estimates up to 500 new homes in the Illawarra could benefit from the change.
Wollongong Housing & Affordable Housing Options Paper
UDIA made a submission to the Wollongong Housing and Affordable Housing Options Paper. We highlighted two main issues with the delivery of affordable housing in Wollongong. The first is that the introduction of an affordable housing contributions scheme must be accompanied by commensurate incentives to offset the additional tax on development. The second is a list of tweaks to development controls for multi-dwelling housing that could significantly increase the uptake of medium density zonings (currently only 20% of medium density zoned land has medium density development on it in Wollongong). Read the submission here.
Council support for Boarding Houses
UDIA was pleased to see Shoalhaven City Council’s recent article highlighting the potential role of well-designed new generation boarding houses in giving people more choice of housing. Read the article here.
The Shoalhaven Local Strategic Planning Statement is off exhibition on Friday 31 July. UDIA’s submission noted the need to boost housing approvals and accelerate infrastructure delivery in the greenfield release areas. We also raised concerns with the blanket statements regarding not allowing rezoning of rural or industrial land and encouraged council to adopt a merit-based approach to each proposal. Read the submission here.