Homebuyers could save up to $50,000 under new car space regulations in NSW
New apartments in some Sydney areas will no longer need to come with a car space if built close to public transport under the new rules announced by the NSW Planning Minister Pru Goward.
These proposed guidelines would apply to new developments that are built within 400 metres of a transport hub, such as a train station or bus interchange.
With the acknowledgement that many apartment dwellers preferred to use public transport to commute to work, Goward revealed that new apartments could cost homebuyers up to $50,000 less if these proposed changes were to take effect.
Currently there is no choice when it comes to buying a new apartment. These new rules will allow buyers more flexibility to choose whether they want a car parking space or not, with the potential of saving $50,000 which could help and appeal to first home buyers trying to get on the property ladder.
It is important to note though that this change will only affect 22 councils which are Ashfield, Auburn, Bankstown; Botany Bay, Burwood, Canada Bay; Canterbury, City of Sydney, Hurstville; Kogarah, Lane Cove, Marrickville; Leichhardt, North Sydney, Parramatta (city centre); Randwick, Rockdale, Ryde; Strathfield, Waverley, Willoughby and Woollahra.
Residents should also be aware that this only applies to “developments within close walking distance of transport services, and strongly discourages councils from allowing residents of these buildings to receive street parking permits,” Gower stated.
An underground car park is one of the most expensive parts of a building and can cost anywhere between $50,000 and $70,000. However, developers can still provide car spaces with no minimum requirement set.
At iBuyNew we believe that there will still be a demand for car parking spaces due to the public transport system not being highly efficient yet, and is one of the first questions that homebuyers ask us when looking at new properties.
Interested in finding out more information about buying new apartments in New South Wales? Contact the iBuyNew team on 1300 123 463 today for further details.
Mark is the Founder and CEO of iBuyNew.
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