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Melbourne’s Greenfields Have Record Uptake

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The Victorian Planning Authority’s State of the State report reveals residential land in Melbourne’s Greenfields is selling at a record pace.

The revelation comes from VPA's recently released quarterly report which provides a snapshot of key demographic and economic metrics across Victoria, including population growth, house prices and building approvals.

The report reveals Melbourne’s Greenfield areas are immensely popular for homebuyers, with 22,000 residential lots selling in the past four quarters – a record – and the strongest market in Australia.

In the year to June 2016, the median price for a Melbourne Greenfield lot was $221,730, which is cheaper than all Australian capitals except for Adelaide.

Comparative prices in Sydney are more than double the Melbourne median, at $460,375.

VPA Chief Executive Peter Seamer said these figures reveals homebuyers are finding Melbourne’s Greenfields are highly desirable places.

“Compared to 20 years' ago, Melbourne's new suburbs are being planned in a much more co-ordinated manner.

"They have well-connected streets, plentiful open spaces and land reserved for vital infrastructure."However, land in Melbourne’s Greenfields has increased since last year, driven by a slight decrease in approved lots coming to market.

To counter this, the VPA has established a new program that will support councils to speed up approvals in the post-PSP process. This will ensure a strong pipeline of new houses going to the market, to maintain Victoria’s strong advantage in supply and affordability.

Lots in the Wyndham municipality in Melbourne’s south-west have had the highest take up, and sales in Melton, in the north-west, have been rapidly increasing.

Wyndham was the fastest growing municipality in Melbourne, followed by Casey and Whittlesea, with Greater Geelong being the fastest growing regional area.

Victoria’s population is now six million, and is growing at a rate of over 100,000 people per year – the highest increase in Australia.

The report also revealed that Victoria’s construction industry remained strong, with $31 billion worth of approvals in 2015/2016.

The number of new residential dwellings approved in 2015/16 was 67,003 across Victoria, with 53% for detached houses, 16% for semi-detached dwellings and 31% for apartments.

To view the full report, visit

vpa.vic.gov.au.

 

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Article originally posted at: https://https://theurbandeveloper.com/articles/melbournes-greenfields-record-uptake