- August 30, 2021
- Posted by: Rogers Property Group
- Categories: Latest News, Sydney Property Market
As of 21 August, investors will no longer allowed to inspect property in NSW’s regional areas under State Government’s new permit system. Investors looking at buying property in regional NSW will have to hang tight, as new permit system is introduced to restrict Sydneysiders crossing into regions.
Under the new system, “Any person inspecting real estate in the regions must now genuinely need a home to live in (no investment properties).” Property investors venturing out to view a property in regional NSW must have a permit which will be made available on Service NSW website.
Minister for Police and Emergency Services David Elliott has stressed out the tightening of the current public health orders to prevent the spread of the virus entering the regional areas. From 12:01 AM 16th of August, the new fines for breaches came into effect with an on-the-spot fine of $3,000 for breaching rules around entry into regional NSW for authorised work and inspecting real estate properties.
While looking out physically for potential property is prohibited under the new rules, property investors are able to apply for a permit if they need to travel to a second home located in regional NSW. On a condition that it will only be used as a work accommodation or if the home requires urgent maintenance and repairs.
This restriction could impact the growing markets of the NSW regions.