Powered by MOMENTUM MEDIA
realestatebusiness logo
Subscribe to our newsletter SIGN UP

50,000 housing lots to be released in Melbourne

10 March 2014 Staff Reporter

Victoria’s planning minister has announced that Melbourne's western, northern and south eastern growth corridors will benefit from increased land supply in 2014, in a move he hopes will boost confidence in the state’s construction industry.

The Metropolitan Planning Authority has recently invited public comment on Precinct Structure Plans for 21,000 housing lots in Melbourne’s south east growth corridor. Further land releases this year will be focused in the western and northern growth corridors.

Planning minister Matthew Guy said the announcement should stimulate competition in the marketplace and help make housing more affordable.

“It is vital for the Victorian economy that our supply of land for housing growth is strong,” he said.

"This announcement compliments other major projects that have been approved recently. I am pleased to be able to provide an economic boost for Victoria and to provide increased housing affordability through greater competition. More land supply will mean greater competition in the marketplace, driving lower lot prices for homebuyers.”

Since the election of the current Coalition government in 2013, lot prices have declined by 15 per cent from $225,000 to $191,000 in December 2013, which the government says is “driven by a strong land release policy”.

The 50,000 lot land supply target will be delivered by the Metropolitan Planning Authority, and applies to land in Melbourne's western, northern and south eastern growth corridors. All of the 50,000 lots will be within Melbourne's urban growth boundary, and no changes to the boundary are being proposed. Development contributions plans will apply to each structure plan, which will provide for extensive open space, community facilities and local infrastructure. Over 500 hectares of employment land will also be included within the structure plans.

50,000 housing lots to be released in Melbourne
lawyersweekly logo
FROM THE WEB
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast

Network or independent?

Independent
Network, the bigger the better
Network, but midsized
Niche group, small and agile
Do you have an industry update?
REAL ESTATE BUSINESS NEWSLETTER
Ensure you never miss an issue of the Real Estate Business Bulletin. Enter your email to receive the latest real estate advice and tools to help you sell.