Lake Macquarie's development approvals reach a five-year low due to high interest rates, but Mayor Kay Fraser anticipates a rebound with the NSW government's housing supply push.
High interest rates cut Lake Macquarie's development approvals to their lowest level in five years, but Mayor Kay Fraser expects investment to rebound with the NSW government's housing supply push. In the 2023-2024 financial year, $1.2bn worth of developments were approved, bringing the five-year approvals total to over $7bn. The most expensive development application approved was Winten Property's Minmi and Cameron Park housing estate, valued at $116m. Cameron Park became the leading suburb for development approvals at $124.8m.
June 30, 2024
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