The New South Wales government is shooting for a target of 90% of housing approvals processed within 40 days however will need a better planning system to achieve this, according to the Property Council of Australia.
The state government outlined the possibility of the new accountability framework this week.
Property Council of Australia executive director Glenn Byres said reaching the 40-day target will require a quantum leap forward in culture, process and practice, particularly for multi-unit residential projects now common in the market.
“The Government’s own data makes clear the average determination time for residential development applications is currently 65 days,” he said.
“We know Sydney is forecast to have a housing supply deficit of 190,000 by 2024 without action – and reducing the time and cost of bringing new homes to market is part of the fix.