IT WAS AMERICAN, BENJAMIN FRANKLIN, WHOSE SAGE ADVICE TO YOUNG TRADESMEN WAS “REMEMBER THAT TIME IS MONEY” – AND IT HOLDS AS TRUE FOR THE ENTIRE PROPERTY DEVELOPMENT INDUSTRY ALMOST 300 YEARS LATER.
Property development is a lot more complicated in the 21st century, and regulation can be a bit like an old house – new bits added on and old bits remodeled in a bid to make it work for changing demands and circumstances.
The layers of local, state and federal regulation for major property development has added significantly to the time and cost involved in making land available – which then adds to the overall cost for new homebuyers.
The State Government’s move to introduce new planning regulations, which was designed to speed up development and new dwelling construction and renovations, is a step in the right direction.
The new Planning and Development (Local Planning Schemes) Regulations 2015 (WA) comes into effect on 19 October 2015, replacing the Town Planning Regulations 1967 with a more consistent and transparent approach to local government approvals processes.
There are 150 planning schemes operating in WA, all with their own processes, timeframes and requirements, so you can imagine that a more consistent, standard approach is much appreciated.
The rate of population growth in Western Australia may have slowed, but we are still growing fast and we need a well-coordinated approach to planning and development that is as consistent as possible across all new development fronts – which of course, cross local government boundaries.
Developers particularly, welcome the new ‘Deemed Provisions’ which will mean structure plan preparation and approval processes will be streamlined; and more standardisation and flexibility applied to a range of development matters.
The new regulations will also deliver more certainty around timeframes for the assessment of structure plans, development applications and scheme amendments.
For homeowners and small businesses, changes to the regulations will mean that straightforward building and renovation projects that are ‘planning compliant’ will be quicker and easier, with no requirement for a Development Application to the local council.
These changes do not offer regulatory ‘short cuts’, but they do have the potential for greater efficiency and significant time saving – and the ultimate beneficiaries will be home buyers and renovators.
The question now is how well prepared Government and industry are for the change. As Benjamin Franklin also warned, ‘By failing to prepare, you’re preparing to fail’. Let’s hope the transition to the new regulations is smooth – and very effective.