Development planning rules are holding up affordable housing supply and impeding the transformation of the CBDs into a vibrant 24-hour community, property executives say.
Nick Lenaghan, Property Editor, The Australian Financial Review Tony Lombardo, Global CEO, Lendlease Sophie Fallman, Managing Partner - Real Estate, Brookfield Andrew McDonald, Global President & COO, Cushman & Wakefield Darren Steinberg, CEO, Dexus“At the right price, it makes a lot of sense to convert some of these assets or knock them down and rebuild residential,” he told.
“We need to get supply up, but it can take us 24 months to get a planning approval in Sydney versus some cities here like in Brisbane where it can only take six to nine months to get an approval,” he said. “Melbourne is actually ahead of Sydney when it comes to building around the CBD because we’ve seen a lot more residential stock there. You can see Melbourne is becoming a 24/7 city. So, I think there’s some good learning from what we’re seeing here in our own backyard.