Property development in Canberra – “live, work and play” gets serious
The object of Canberra’s Territory Plan is to ensure that planning and development provide the people of the ACT with an attractive, safe and efficient environment in which to live, work and play. With growing demands on the fabric of the Territory, caused by increased population, changing demographics, reduced Commonwealth funding and higher land servicing costs, implementing that “credo” is now a serious job. After a short hiatus caused by the economic slowdown, Canberra’s investors and policy makers are in for a busy year. City planning, energy efficiency, transport, development costs, and retail and tenancy competition are all on the agenda.
The activities which are underway represent big plans for a little city. They underline the modern-day importance of the Australian Capital Territory in business and investment terms, and focus attention on how our lifestyle will be maintained and funded in the future. The days when public expenditure and government planning were directed towards the mainly symbolic significance of the National Capital are long past.
Opportunities to profit, to comment on, or to be informed about what’s going on should not be missed. In this Property Law Reporter we collect and summarise the property issues to watch out for in 2010.