Powered by MOMENTUM MEDIA

New permit system bars property investors from going regional

By Fergus Halliday 16 August 2021 | 1 minute read

The state government’s new regional permit system means that for the duration of the Greater Sydney lockdown, investors will no longer be permitted to inspect property in regional NSW as of 21 August.

regional nsw

Property investors looking to scope out regional NSW will have to hang tight, as a new permit system is introduced to stem the outflow of Sydneysiders into the regions.

As of 21 August, property investors will no longer be able to cross over from Greater Sydney into regional NSW to inspect a property.

According to a statement issued by the government, “any person” inspecting real estate in the regions must now genuinely need a home to live in — no investment properties. This means that even those looking to set up a permanent home in the regions will need to apply for a permit before venturing out to view a property.

“We’ve had to tighten the current public health orders because of the minority who exploited them,” said Minister for Police and Emergency Services David Elliott.

Advertisement
Advertisement

Those who breach the new rules risk a $3,000 on-the-spot fine.

“The increased fines and heightened police presence are about ensuring people who are doing the wrong thing are caught and punished appropriately,” NSW Premier Gladys Berejiklian explained.

While scoping out potential property isn’t allowed under the current rules, property investors are allowed to apply for a permit if they need to travel to a second home located in regional NSW, but only to use it as work accommodation or if the home requires urgent maintenance and repairs. Even then, only one person is allowed to make the trip.

The implications of this new requirement on real estate agents and other property professionals are not immediately apparent.

What is apparent is that the government could be imposing these new rules at the expense of investors.

As things currently stand, within Greater Sydney, property investors are able to schedule private property inspections, but only a single buyer and a single agent are allowed per appointment.

Asked how the Property Council of Australia expects the new permit to impact the market, NSW executive director Luke Achterstraat expressed hope the permit system will be simple and straightforward.

Speaking to Smart Property Investment, he said that “this is especially important for those construction workers who have only just now been given a lifeline through vaccination to return to work after an extended forced break”.

RELATED TERMS

Investment property

An investment property refers to a land, condo unit or building purchased to earn profit through rentals or capital appreciation.

Property

Property refers to either a tangible or intangible item that an individual or business has legal rights or ownership of, such as houses, cars, stocks or bond certificates.

About the author

Fergus Halliday

Fergus is a journalist for Momentum Media's nestegg and Smart Property Investment. He likes to write about money, markets, how innovation is changing the financial landscape and how younger consumers can achieve their goals in unpredictable... Read more


New permit system bars property investors from going regional
regional nsw
spi logo

Get the latest news & updates

Join a community of over 100,000 property investors.

Check this box to receive podcast updates

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.