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Planning system changes will help boost supply

By Louise Morrin

Finding the ideal real estate in St George might not always be easy, not least because Sydney's property market has been experiencing a supply shortage for some time. However, one major group believes this could change if the government brings in changes to the planning system.

The Property Council of Australia explained that "bold reform" is needed if supply and housing affordability are to be improved. This will open up the market to more buyers and ensure future generations are able to get onto the property ladder.

How supply levels are faring

The Property Council took a closer look at a new report released by the treasurer, which shows just how important it is for planning reforms to be introduced.

"As the first state in Australia with an economy over a trillion dollars, NSW needs to sustain its economic momentum through reforming the inefficient state taxes identified in the report," said New South Wales executive director Jane Fitzgerald.

Supply has been an issue across the state for some time now, but the latest figures indicate there has recently been some progress. SQM Research found that in April this year, the number of homes for sale across the state increased 37.8 per cent from 12 months earlier.

The group's managing director Louis Christopher suggested that buyers of real estate in St George now have more choice than they did a year ago, but there's still progress to be made.

The Property Council identified that pressure on the property market is only likely to escalate, especially as the national population continues to grow. If there's ever been a time to improve policy and taxation in New South Wales, now appears to be the time to do it.

For help getting your foot on the ladder, get in touch with the team at Ray White Carlton.

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