Home prices healthy
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.”
Anthony Radford | Bendigo Weekly | 19-Oct-2012
THE first impacts of the $630 million New Bendigo Hospital development are starting to show in house prices.
The latest Real Estate Institute of Victoria figures have again recorded Bendigo as having one of the strongest housing markets in the state.
Greater Bendigo’s median house price rose 7.5 per cent in the 12 months to the end of September.
That was far greater than most other regional centres. Ballarat could only manage a 1.9 per cent growth, and Geelong’s median price dropped by almost seven per cent over the same period.
Within Bendigo, one of the best performing suburbs was North Bendigo, the suburb surrounding the planned new hospital.
The median house price rose 18.2 per cent over the period, to $246,750.
The strong market was also evidenced by an 18.5 per cent jump in the median price for the year in Bendigo’s inner city.
REIV Bendigo branch chairman Matt Bowles said the prevalence of large blocks suitable for subdivision around the hospital was proving a spectacular combination.
“There has certainly been a lot more interest in that area,” he said.
“A lot of people advertising their properties at the moment are saying they are in the hospital precinct, even if they are a kilometre away.
“Buyers are finding old houses on large blocks of around 800 to 1000 square metres, and that is increasing prices.”
Mr Bowles said once a preferred tender was announced for the hospital build, he expected the strong prices to continue.
“When they were building the Bendigo Bank, one company bought an entire block of units to house their trades people during construction,” he said.
“I wouldn’t be surprised if that sort of thing happened with the hospital.”
The REIV figures were backed up by the ANZ’s January Australian Housing Chartbook.
According to that report, Bendigo was leading the way in house price growth in Victoria, with capital growth in the year to September, 2011 measured at 12 per cent.
Geelong was next best on eight per cent, with Melbourne prices dropping by two per cent.
“House price growth in regional Victoria has outperformed other major states in the past 12 months,” the report said.
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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