June quarter regional 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.”
Anthony Radford | Bendigo Weekly | 20-Jul-2011 12.27
The
REIV June quarter median prices reveal that the median price of a
house in regional Victoria has increased by 1.6 per cent to $325,000
from $320,000 in the March quarter.
Over the past 12 months the
increase has been 8.5 per cent.
In
Melbourne the median house price increased by 5.4 per cent to
$590,000.
This
result confirms that, following a few years of turbulent conditions
in the residential market, the last 12 months have recorded moderate
and sustainable price growth.
This
result is reflective of a market that is now stable, following the
GFC and corrective action taken in response.
Over
the medium term, local factors will continue to have an impact, in
particular the health of the Victorian economy, population growth and
the level of construction and supply.
Of
the three main regional centres, strong demand was recorded in
Bendigo, with a 4.5 per cent increase in the quarter to $287,500,
followed by Ballarat, with a 1.3 per cent increase to $288,500; and
in Geelong the median fell by 3.9 per cent in the quarter to $370,000
but was stable over the year.
In
the City of Greater Shepparton there was a 3.6 per cent reduction to
$280,000.
In the Hepburn Shire a 0.9 per cent decrease to $353,000
was recorded.
The
Shire of Macedon Ranges saw a 17.1 per cent increase to $575,000,
similar to the Shire of Mount Alexander, where the median increased
by 16.5 per cent to $405,000.
Median
house prices in the Surf Coast Shire dropped by 12.8 per cent to
$567,000.
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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