The impact on the Albury market of new planning laws designed to fast-track medium density housing in NSW remains unclear.
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Under the new medium-density housing code announced recently, duplexes (dual occupancy), terraces and manor houses can be approved as complying developments in as little as 20 days, skipping the development application process.
However also part of the new rules is that blocks now only need to be 12 metres wide for a duplex, overriding existing rules requiring frontages to be at least 15 to 20 metres.
Albury Council and Border property developers have been contacted for comment about the changes.
The NSW government said the new code offered better housing choice and affordability with improved quality design.
“It provides a great alternative to apartments and freestanding homes, and fits into existing streets and neighbourhoods,” the government said.
NSW Planning and Housing Minister Anthony Roberts said medium-density housing “allows for seniors to downsize as well as being a more affordable option for young people”.
A property suitable for dual occupancy would be worth about 20 per cent more than a property where a duplex can’t be built, according to McGrath Projects associate director Dennis Vertzayias. Other experts say duplex-friendly blocks command a premium of between 10 and 30 per cent.
“Obviously there is definite upside for the developer, but at the same time, mum-and-dad landowners can now have the flexibility to utilise their block and potentially build a new home for themselves and have a second property beside them with a rental return,” Mr Vertzayias said.
“There’s no question that making the process more efficient, and certainly less time-consuming will definitely be a massive attraction to a lot more people.”
In NSW, the average turnaround of a development application is 71 days.
- More property: The Border Mail Domain