Latest news with #TemporaryIncentivisingRegionalLandPricingPolicy
The Age
6 days ago
- Business
- The Age
Why Development WA sold a parcel of regional land for $415k less than its value
The state's finance watchdog has accused land developer Development WA of putting commercial interests and expediency before transparency and accountability. Auditor-General Caroline Spencer released the findings of a lengthy probe into Development WA on Wednesday, revealing significant issues around land sales, including missing documents and poor management of conflicts of interest. 'Taken together, the rigour, consistency and curiosity that was absent means Development WA was not, between 2017 and 2022, conducting land sales in a way that minimised the risk of error, fraud and corruption, and is unable to demonstrate that probity and value for money was achieved,' Spencer said in the report. Spencer looked at thousands of land sales from July 1, 2017, to June 30, 2022 and found several instances of sales made without available rationale. Block sells for half-price Among those was the sale of a piece of regional industrial land for less than 50 per cent of its valuation price in 2022. Spencer found the piece of land was originally approved to be sold at $600,000, but was dropped to $450,000 in 2020 under a COVID stimulus scheme known as the Temporary Incentivising Regional Land Pricing Policy. In July 2021, Development WA had the land valued, and it was determined to be worth $800,000, but it continued to be marketed at $450,000 and eventually sold in April 2022 for $385,000. 'When we queried why the land was advertised and sold well below the valuation, Development WA advised the valuation was incorrect,' Spencer said.
Sydney Morning Herald
6 days ago
- Business
- Sydney Morning Herald
Why Development WA sold a parcel of regional land for $415k less than its value
The state's finance watchdog has accused land developer Development WA of putting commercial interests and expediency before transparency and accountability. Auditor-General Caroline Spencer released the findings of a lengthy probe into Development WA on Wednesday, revealing significant issues around land sales, including missing documents and poor management of conflicts of interest. 'Taken together, the rigour, consistency and curiosity that was absent means Development WA was not, between 2017 and 2022, conducting land sales in a way that minimised the risk of error, fraud and corruption, and is unable to demonstrate that probity and value for money was achieved,' Spencer said in the report. Spencer looked at thousands of land sales from July 1, 2017, to June 30, 2022 and found several instances of sales made without available rationale. Block sells for half-price Among those was the sale of a piece of regional industrial land for less than 50 per cent of its valuation price in 2022. Spencer found the piece of land was originally approved to be sold at $600,000, but was dropped to $450,000 in 2020 under a COVID stimulus scheme known as the Temporary Incentivising Regional Land Pricing Policy. In July 2021, Development WA had the land valued, and it was determined to be worth $800,000, but it continued to be marketed at $450,000 and eventually sold in April 2022 for $385,000. 'When we queried why the land was advertised and sold well below the valuation, Development WA advised the valuation was incorrect,' Spencer said.
