April rental update
BENDIGO’S residential Strategy will be reviewed because of greater than expected growth.
The State Government has announced a grant of $50,000 to carry out the review.
The review is needed because, according to the State Government, 40 per cent of the forecast growth between 2006 and 2031 had already been realised.
Regional Development Parliamentary Secretary Damian Drum made the announcement this morning.
Mr Drum said the Bendigo Residential Strategy Review would deliver greater community and investor certainty, helping the region grow.
“The Bendigo Residential Development Strategy was adopted in 2004 and is currently being audited because of the faster than anticipated growth that has occurred in Bendigo in recent years,” he said.
“Strong residential growth has many flow-on economic benefits and having a clear framework for future development will position Greater Bendigo City Council to undertake more detailed, place-based planning in the future.”
Deputy Premier Peter Ryan said about 40 per cent of the forecast growth between 2006 and 2031 had already been realised.
The Residential Strategy impacts directly on where and how property developments use “infill” parcels of land, range of housing styles and also on housing affordability.
“This project will review the strategy, assess current and estimated land supply and demand and consider various legislative and policy changes,” Mr Ryan said,
“It will also consider the latest demographic data and establish a new strategic framework to guide the long-term residential growth of Greater Bendigo.
“The project will result in a revised residential strategy that will give developers, the community and service providers greater surety and confidence about where land can be developed for residential purposes, and that sufficient land is available to accommodate the City of Greater Bendigo’s future growth.”
Mr Ryan said a contemporary strategic planning framework was essential to the economic development of a large regional centre like Bendigo.
“Clearly identifying future growth options and supporting infrastructure needs will enable the Greater Bendigo City Council and other infrastructure providers to plan their capital works programs well in advance,” he said.
“Identifying long-term growth areas will enable the council and other service authorities to start planning for the delivery of services, thereby minimising the lag time between when residential development occurs and when the services need to be in place.”
| Bendigo Weekly | 01-Jun-2011 9.33
The REIV April vacancy rates report
reveals little improvement in the state of the rental market during
the past 12 months.
In April the vacancy rate for Melbourne
was 1.7 per cent and 1.2 for regional Victoria.
The vacancy rate has
remained basically the same during the last 12 months, when it was
1.6 per cent in Melbourne and 1.3 per cent in regional Victoria.
A lower number of vacancies in regional
Victoria explains why, according to the Victorian Government, rents
rose by 7.9 per cent in the year to December 2010 (most recent data)
compared with 4.9 per cent in Melbourne.
Within Melbourne the highest level of
vacancies was in the middle suburbs, where the rate was two per cent.
This was higher than the inner-city vacancy rate of 1.4 per cent and
that of the outer suburbs, where it was 1.5 per cent.
In regional Victoria, vacancies in the
three main centres remain scarce.
In the Geelong region the vacancy
rate was 1.6 per cent compared to 1.4 per cent 12 months ago.
In the
Ballarat region the vacancy rate was 0.9 per cent compared to 0.5 per
cent a year ago and in Bendigo one per cent of rental homes were
vacant compared to 0.2 per cent a year ago.
According to the most recent data from
the Australian Bureau of Statistics, the level of lending across
Australia for investment in housing has decreased in seasonally
adjusted terms by 1.7 per cent since February and 13 per cent since
March 2010.
Given that the majority of rental accommodation is
provided by the private sector, a decrease of this magnitude in
lending provides an indication that the low level of vacancies is
unlikely to improve in the short term.
Enzo Raimondo
CEO REIV
BENDIGO’S residential Strategy will be reviewed because of greater than expected growth.
The State Government has announced a grant of $50,000 to carry out the review.
The review is needed because, according to the State Government, 40 per cent of the forecast growth between 2006 and 2031 had already been realised.
Regional Development Parliamentary Secretary Damian Drum made the announcement this morning.
Mr Drum said the Bendigo Residential Strategy Review would deliver greater community and investor certainty, helping the region grow.
“The Bendigo Residential Development Strategy was adopted in 2004 and is currently being audited because of the faster than anticipated growth that has occurred in Bendigo in recent years,” he said.
“Strong residential growth has many flow-on economic benefits and having a clear framework for future development will position Greater Bendigo City Council to undertake more detailed, place-based planning in the future.”
Deputy Premier Peter Ryan said about 40 per cent of the forecast growth between 2006 and 2031 had already been realised.
The Residential Strategy impacts directly on where and how property developments use “infill” parcels of land, range of housing styles and also on housing affordability.
“This project will review the strategy, assess current and estimated land supply and demand and consider various legislative and policy changes,” Mr Ryan said,
“It will also consider the latest demographic data and establish a new strategic framework to guide the long-term residential growth of Greater Bendigo.
“The project will result in a revised residential strategy that will give developers, the community and service providers greater surety and confidence about where land can be developed for residential purposes, and that sufficient land is available to accommodate the City of Greater Bendigo’s future growth.”
Mr Ryan said a contemporary strategic planning framework was essential to the economic development of a large regional centre like Bendigo.
“Clearly identifying future growth options and supporting infrastructure needs will enable the Greater Bendigo City Council and other infrastructure providers to plan their capital works programs well in advance,” he said.
“Identifying long-term growth areas will enable the council and other service authorities to start planning for the delivery of services, thereby minimising the lag time between when residential development occurs and when the services need to be in place.”
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