Urban Renewal Authority to get underway in SA
The Urban Renewal Authority is set to start work in South Australia next month in a bid to deliver better communities and lifestyle options in the state.
It is also hoped that the group will help to ease issues surrounding housing affordability when it begins operating on March 1.
Nathan Paine, Property Council of Australia’s executive director for the SA Division, said that the formation of the group means there will be one state government voice when it comes to urban development matters.
He continued: “This will mean greater efficiency for the countless businesses that work in the property industry.
“Further, streamlined government development processes mean the industry can focus more of its energies on making renewal communities the best they can be.”
With so much thought being put into SA’s future, the state could be a good place to consider making a property investment.
Mr Paine suggested that efforts will be made to improve the choice and affordability of property, which will no doubt be appealing at a time when prices are largely on the rise.
There could also be plenty of opportunities for investment at the moment, as the Property Council’s latest Office Market Report showed last year that the office vacancy rate in Adelaide’s CBD is at a four-year high.
In the six months to January 2011, the vacancy rate stood at 8.3 per cent.
However, the Urban Renewal Authority has been tasked with ensuring that the state is able to grow, while also protecting the environment that makes Adelaide so “unique and beautiful”.
A number of suburbs throughout the city have been earmarked for redevelopment, with the intention being to show the benefits of owning property in well-connected and diverse communities.
They will also be promoted as an alternative to detached properties.