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New Government Action Unlocks Melbourne Property Market

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The Victorian Government recently announced its actions towards boosting land supply and cutting delays in approvals in the Melbourne property market, in order to make housing more affordable for Victorians.

They intend to rezone 100,000 lots within two years in key growth corridors, spread in seven of Melbourne’s growth councils which will hopefully "help tackle housing affordability head on".

The planning of these 17 new suburbs will include the services, infrastructure and amenity that are the very cornerstone of great communities.

“This is all about ensuring there is plenty of new housing coming to market to suit the varied needs of Victorian families, stay ahead of population growth and make new homes as affordable as possible," Minister for Planning Richard Wynne said.

"We have to make the best of land we already have, and our new inclusionary housing pilot will create up to 100 new social housing homes, helping Victorians in need."The Streamlining for Growth program is also being extended another three years, helping councils streamline subdivision processes, unlock sites and speed up applications for residential and employment land.

According to the Victorian Government, this will ensure planning projects can progress without hold ups. Some 37 projects have already begun tackling the red tape that once delayed subdivision approvals from councils and utilities –saving time and reducing property pricing for both developers and buyers.

This will help build up a four-month stock of lots for sale in growth corridors to create a more competitive market, and ensure Victoria retains its strong land supply that underpins our affordability edge.

Land prices in the Melbourne property market remain around half that in Sydney, and this Government intends to hold on to that competitive edge.

The Government's additional property news said they will also commence a pilot program to deliver 100 new social housing dwellings on government land as part of developments in established suburbs.

This pilot is part of a program so private developers can innovate to provide inclusionary housing in new developments.

“This increase in supply is also a boost to the construction industry, creating jobs in the growth corridors, as well as in established suburbs," Treasurer Tim Pallas said.

 

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Article originally posted at: https://https://theurbandeveloper.com/articles/new-government-action-unlocks-melbourne-property-market