The Northern Rivers Times
February 22, 2024!!!
46 REAL ESTATE NEWS
Grants Propel Housing Delivery in Regional NSW Nearly $3 million in funding from the NSW Government is set to expedite the delivery of almost 24,000 new regional homes, with 16 councils securing grants under the second round of the Regional Housing Strategic Planning Fund. Ranging from the North Coast to the Central West and the Riverina, these councils will receive grants of up to $250,000 each. The objective of these grants is to accelerate the delivery of new homes in regional areas through various strategies, including the formulation of housing plans, infrastructure preparation, and amendments to local environmental plans to facilitate the construction of diverse and affordable housing options. As more individuals opt for regional NSW living, the demand for homes has increased, leading to rising prices and a shortage of available properties.
Hence, bolstering regional housing supply is paramount. These grants are part of a broader set of initiatives aimed at boosting regional housing supply, including the expansion of the Government’s Urban Development Program, the Regional Housing Flying Squad, the Regional Housing Fund, and the Accelerated Infrastructure Fund.
Together, these initiatives aim to streamline the planning process, support necessary infrastructure development, and aid regional councils in their housing-related endeavours. In Round 1 of the Regional Housing Strategic Planning Fund, $3.85 million was allocated to 20 projects across 19 councils. Notable projects include the Raymond Terrace Sub-
Australian Property Market: Government Asserts Negative Gearing ‘Here To Stay’ Prime Minister Anthony Albanese is standing firm against calls to curtail Australia’s generous property tax benefits, rebuffing pressure from the Greens and housing advocacy groups urging the abolition of negative gearing. With the Greens holding the balance of power in the Senate, the party is leveraging its influence to push for changes to negative gearing in exchange for supporting the Government’s help-tobuy scheme in the Upper House. Max Chandler-Mather, the Greens’ housing spokesperson and one of the few MPs who rent, has been vocal about renters’ rights, highlighting the disparity in property ownership among federal MPs, where over 65% own at least one investment
property. “The system is stacked against renters and first home buyers,” ChandlerMather asserted. “Pressure works. Labor changed their position on stage-three tax cuts, and now they need to change their position on negative gearing and capital gains tax.” The Everybody’s Home campaign, representing welfare and housing organizations, echoed the call to abolish negative gearing and the capital gains discount. However, the Prime Minister has categorically ruled out any adjustments, stating he has “no intention” of altering property taxes. Labor’s stance on negative gearing has evolved, having previously taken it to the 2016 and 2019 federal elections, promising to scale back tax breaks on new investment
properties, but subsequently abandoning the policy after electoral defeats. Meanwhile, CoreLogic data revealed that the value of residential real estate reached an estimated $10.3 trillion by the end of January, with regional dwelling values rising at 1.2% for the month, outpacing the 1% increase in the capitals. Although the rate of rent increases shows signs of slowing, it remains a significant burden on tenants. Australian rent values climbed by a further 0.8% in January, up from the 0.6% increase recorded in December, contributing to an annual growth rate of 8.3% in January, according to CoreLogic’s Housing Chart report.
Precincts Master Plan collaboration between Port Stephens Council and Homes NSW, aimed at expediting affordable housing supply. Another project by Port Stephens Council focused on addressing development barriers such as drainage and flooding resilience in the Shoal Bay Precinct. Armidale Regional Council, another recipient of Round 1 funding, successfully developed and
implemented its Local Housing Strategy. For further details on the councils receiving funding and their respective projects, interested parties can visit the NSW Planning website. Minister for Planning and Public Spaces Paul Scully (pictured) emphasized the importance of supporting regional councils in expediting housing delivery for
their communities. He highlighted the crucial role of regional NSW in the state’s housing supply landscape and underscored the government’s commitment to ensuring housing targets are met while also addressing
AI: Transforming Real Estate in Four Ways In a world where AI reigns supreme, the real estate industry is undergoing a revolutionary transformation. Gone are the days of manual property searches and mundane tasks. AI is reshaping the landscape, empowering professionals, and enhancing customer experiences like never before. Here are four ways AI is revolutionizing real estate: 1. Enhanced Customer Satisfaction: AI-powered assistants engage with clients, address queries, and provide personalized recommendations, offering round-theclock support. This frees up professionals’ time to focus on highvalue tasks, leading to
unparalleled customer experiences. 2. Empowered Property Search: AI algorithms analyse vast amounts of data to deliver accurate insights and personalized recommendations, streamlining the property search process. Buyers and professionals can make more informed decisions quickly, aligning with customer demands. 3. Better Data for Investors: AI simplifies property valuation and risk assessment by analysing real-time data and identifying patterns. Investors can make informed decisions based on predictive analytics, ensuring profitable investments in a dynamic market. 4. Simplified
Property Management: AI-driven smart home technologies automate routine tasks, monitor energy consumption, and detect maintenance issues in real-time. This streamlines property management, reduces costs, and optimizes property performance. In conclusion, AI is not only transforming real estate operations but also propelling the industry into predictive analytics. By leveraging historical data and market trends, AI algorithms forecast future property prices and demand, empowering professionals to seize profitable opportunities and stay ahead of the curve. With AI, the future of real estate looks promising.
