In 2016 it was announced by the NSW Government that its land and property agency, LPI, would be split up into separate divisions and the land titles arm of the government body sold onto a private bidder. However, inquiries by concerned bodies and mainstream media have since exposed the risks involved and a resounding lack of industry support.
It also emerged that the decision has very little financial viability. NSW’s Land and Property Information (LPI) is widely regarded as a world-class land titles registry, and consistently delivers a profit for the NSW Government. In fact, a recently leaked Treasury document reveals NSW’s land titles registry is annually earning at least $130 million in profit for taxpayers.
The sale of the LPI, which is technically a lease for the next 35-years, is expected to be worth about $2 billion. However, based on the leaked figures, LPI could generate $2 billion profit in less than half that time.
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This story first appeared in Spatial Source.