nsw property portfolio

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    This is an example of how politicians who give the bureaucrats free range manage your assets.
    As the Labor party was in power for so long in NSW they must shoulder most of the blame for the poor economic management but it is an example of how governments and politicians actually do nothing at all.

    They actually do not know how many properties they own!!!!

    Obviously if they sell a lot of these 275,000 properties it will not improve an already depressed market

    Link The Australian

    INVESTEC Bank deputy chairman Geoff Levy is shocked at the poor state of the NSW government's multi-billion-dollar real estate portfolio, saying that it does not have a "usable, transparent or complete property asset register".

    After a seven-month investigation, Mr Levy found the cash-strapped NSW government owns 275,000 properties, many of which are undervalued, overvalued or not valued at all.

    "The current system is no good," Mr Levy told The Australian in a rare interview yesterda


    "We have discovered that the government has accumulated over time a real property asset portfolio it cannot afford to maintain or protect," Mr Levy said in the PAUT report.

    Some properties were underused or not required, he said.

    The PAUT report says the state's 121 agencies own 274,146 properties worth about $300 billion, making NSW one of the largest landlords in the country.

    "I think the $300bn is the best estimate . . . I am not sure all assets have been valued properly," Mr Levy said.
 
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