North Sydney Residents Face Significant Rate Hike to Fund Olympic Pool Redevelopment
Compiled by News aggregator and Google GEMINI-Fact checking and Editing by A.Ritenis
Sydney
02 February 2025
North Sydney, NSW – In a move that has sparked community outrage, North Sydney Council has announced a substantial rate increase to finance the ongoing redevelopment of the North Sydney Olympic Pool. The decision, which was met with strong opposition from residents during a heated council meeting, will see rates skyrocket over the next two years.
The North Sydney Council has been facing significant financial challenges, and a major contributor to this struggle is the redevelopment of the North Sydney Olympic Pool. The project has experienced a substantial cost blowout, impacting the council’s financial position and limiting its ability to invest in essential infrastructure.
The council has cited the spiraling costs of the Olympic Pool project, which have more than doubled from initial estimates, as the primary driver for the rate hike. The redevelopment, aimed at modernizing the iconic facility, has been plagued by delays and cost overruns, leaving the council with a significant funding shortfall.
Residents have expressed anger and frustration over the decision, arguing that they are being forced to shoulder the burden of the council’s mismanagement of the project. Many have questioned the necessity of the extensive renovations, suggesting that a more modest upgrade would have been sufficient.
Panoramic Harbour View from North Sydney Olympic Pool Building site -Photo Credit A.Ritenis
The rate increase, which is subject to approval from the Independent Pricing and Regulatory Tribunal (IPART), is expected to add hundreds of dollars to residents’ annual rates bill. If approved, the increase will be implemented in two stages, with the first phase taking effect in the coming financial year.
The council has defended its decision, stating that the rate increase is necessary to ensure the long-term viability of the Olympic Pool and to provide residents with a state-of-the-art facility. However, this justification has done little to appease the growing discontent among ratepayers.
See the Outrage and Concern expressed in the fragement reproduced from the pages of realestate.com.au
—————————————————————————————————
Hidden victims of council’s 87pc rates hike
Stephen Nicholls, Property Journalist
11 february,2025
“Tenants in North Sydney may face a rent hike and some older home owners “feeling the pinch” forced to sell because of an 87 per cent rise in council rates.
A range of experts have “joined the outrage” following North Sydney Council’s decision at a fiery meeting Monday night to increase rates over two years, largely to fund a cost blowout on redeveloping the heritage-listed North Sydney Olympic Pool.
Many said the council rate hike would affect property investors the most, encouraging some to sell and others to try to make renters pay for it.
“Any cost that a landlord bears does eventually get passed on to tenants, which is not a great thing,” says the Real Estate Institute of NSW president Thomas McGlynn.”
—————————————————————————————————–
The controversy surrounding the rate hike has raised concerns about the council’s financial management and its ability to deliver major projects on time and within budget. Residents are demanding greater transparency and accountability from their elected officials, and many are calling for a review of the council’s spending priorities.
The upcoming IPART review will be a crucial test for the council, as it will determine whether the rate increase is justified and in the best interests of the community. In the meantime, residents are bracing themselves for the financial impact of the decision and are vowing to hold the council accountable for its actions.
North Sydney Residents Face Significant Rate Hike to Fund Olympic Pool Redevelopment
To address this issue, the council proposed a Special Rate Variation (SRV), which would increase the total rates revenue. The SRV aims to strengthen the council’s financial position, reduce deficits, and provide the necessary resources to deliver services and infrastructure for the community.
The proposed changes include increasing the minimum rates for residential properties to $1,300 and for businesses to $1,400 in 2025-26. Additionally, the council plans to consolidate current levies into rates, making the rating structure simpler and more equitable.
However, the rate hike has sparked concerns among residents, particularly tenants and aged pensioners. Experts warn that the increased rates will lead to rent rises, forcing some aged residents to sell their homes
The council acknowledges the financial pressures caused by the Olympic Pool redevelopment and is seeking feedback from the community on the proposed SRV. The goal is to ensure long-term financial sustainability and maintain the council’s ability to provide quality services and infrastructure.
