Statistics released by KPMG today show over 11,000 approvals for Sydney that are yet to begin development.
Tom Forrest, Urban Taskforce, CEO comments on this on ABC Sydney with Sarah MacDonald.
“A lot of the development applications were submitted during COVID when interest rates were at 2% – things have changed since then and this reflects the amount of time it takes to get through the planning system and get your approval. Once you get your approval, what was feasible when interest rates were 2% is no longer feasible when interest rates are at 8%.”
Skip to 17:00 to listen to the entire interview here:
