Regional Victoria 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 | Bendigo Weekly | 06-Feb-2012
The REIV
2011 December quarter median prices confirm that house prices across
regional Victoria remained relatively stable over the quarter. The
median price of a house in regional Victoria rose by 0.8 per cent to
$312,500 from $310,000 in the September quarter.
Of the
three main regional centres, demand was highest in Bendigo, where the
median house price increased by 6.3 per cent to $294,000. In Ballarat
the increase was 3.6 per cent to $290,000 and in Geelong there was a
drop of 2.3 per cent to $380,000.
Outside of
the three larger centres, the corridor between Melbourne and Bendigo
continues to record healthy demand, with prices increasing in
Hepburn, Mount Alexander and Macedon Ranges.
The median
house price in the Hepburn Shire Council area increased by 2.6 per
cent over the year to $320,000. In the Shire of Mount Alexander there
was an 11.7 per cent increase to $370,750 and in the Macedon Ranges
Shire Council the increase was 2.9 per cent to $535,000.
In the
quarter the five most expensive regional municipalities were: the
Surf Coast Shire, with a median of $677,500; the Shire of Macedon
Ranges; the City of Greater Geelong, whose median was $381,250; the
Shire of Mount Alexander; and the Moorabool Shire, where the median
was $355,000
In contrast
to the metropolitan market, vacancies in regional Victoria contracted
in the quarter from an average of 1.7 per cent in September to 1.3
per cent. Unlike the metropolitan market, there is no sign of an
easing in the availability of rental homes.
Bendigo
continues to have the lowest level of rental availability, with 0.5
per cent recorded in December compared to 0.9 per cent in Geelong and
1.3 per cent in Ballarat.
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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