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New polling data has found strong support from residents across the New South Wales for the state government’s approach to recycling property assets.
The percentage of the 1,000 NSW residents polled by Galaxy was an emboldening number for the Property NSW, which has moved to sell or lease government property assets to pay for infrastructure and better services.
The poll found that 61 per cent of people support the government’s property asset recycling program once they are aware of the benefits, with 23 per cent neutral and just nine per cent opposed.
Also, 70 per cent of respondents were more favourable to government using the sale or lease of property assets, as opposed to more traditional approaches like increased public debt or higher taxes.
Minister for Finance, Services and Property, Dominic Perrottet said the results are a strong endorsement of the government’s approach.
“By recycling, repurposing and replacing underutilised property assets we can deliver better infrastructure and services – the roads, rail, hospitals and schools to serve our growing population,” Mr Perrottet said.
Mr Perrottet cited the controversial sales of the “outdated” Millers Point property sales, saying that the government has been able to deliver three new homes for people on its social housing waiting list.
“Making better use of our property assets is just one of the reasons this government has been able to clear the state’s debt completely, without raising taxes or going into debt, and all while delivering record infrastructure and services,” he said.
“It’s about making more of what we’ve got, and making sure the management of our property assets is delivering the best outcomes for the people of NSW,” Mr Perrottet said.
According to the state government, its property recycling approach affects only a small fraction, around 1.5 per cent, of the state’s $130 billion property portfolio.
This allows proceeds from properties that are no longer fit for purpose, underutilised, or simply not necessary for strategic or service delivery purposes to be reinvested in new facilities, infrastructure and services.
However, the big problem that the government faces is ensuring public awareness of the benefits of asset recycling, as two thirds of respondents were unaware of the government’s asset recycling approach.
To combat this widespread unfamiliarity with the government’s asset recycling policy, Property NSW has released an Insight Report aimed at encouraging discussion around its benefits, including case studies from Australia and overseas.
You can view the report here.
