South Australian state budget unleashes property power
Property is an incredibly important part of the Australian economy, and it’s no different for South Australia. According to the Property Council of Australia, the real estate industry accounts for more than 10 per cent of the state’s economic activity, with one in six people drawing their wages from property either directly or indirectly and a full one million South Australians having property in their superannuation funds.
Yes, it’s big business, and it contributes a lot back to the people of the state as well. This is why property and infrastructure that supports property has been such a focus for the recently released South Australian budget: as the Property Council puts it, it’s a budget for “hard hats and steel caps”. Let’s take a closer look at what’s coming this year!
A boost for infrastructure
A further chunk of change is headed to upgrading local schools.
After reading through all the various focuses for funding, the first thing you will notice is the whopping $12billion that has been set aside for a huge number of infrastructure projects across the state. This includes $3.2billion for the new Royal Adelaide Hospital and associated reforms, as well as $2billion for a number of major connecting road projects.
A few hundred million is going to public transport, a further chunk of change is headed to upgrading local schools and a full $1.6billion on water infrastructure. This is just the start of the changes coming for South Australia, and all of it is set to make life that much easier for anyone with property in the area.
The digital revolution
This is about to become that much easier as the planning process is brought into the digital age.
However, not all the changes are physical constructions. One of the main headaches for anyone wanting to build new property in the area is a slew of bureaucratic hurdles that must be dealt with before being able to extend current or build new pieces of real estate.
As with most things in modern life, this is about to become that much easier as the planning process is brought into the digital age for a meagre sum of $25million. This new system will include a new online platform that will allow everyone from homeowners to developers to easily access what laws and processes apply to their area and particular future vision.
It’s all go in the south of Australia it seems, so keep an eye out for some seriously impressive property hotspots over the next 12 months!