Uncertain times

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.”

Rosemary Sorensen | Bendigo Weekly | 06-Jan-2012 4.06

Insurance is not a very interesting topic – until that moment when you need it.
While no one knows what climate change is going to mean for weather patterns, the increase in natural disasters over the past few years has put us all on high alert.
You can’t replace lives lost, but you can help recovery, as the victims of Black Saturday bushfires and the 2010 floods in our region will testify.
Having an insurance industry that we trust to do the right thing when natural disaster strikes is important for the confidence of a community.
In the wake of the Queensland floods, the Federal Government decided to implement a standard definition of flood for residential insurance policies, and they are also working with the Insurance Council of Australia to provide Australia-wide flood-mapping so that risk can be better understood.
At the moment, if you live near a waterway, you may not know, or have ready access, to historical and geological information about the flood risk in the event of inundation.
The insurance companies are making decisions about the cost of premiums based on that information, but several contacted by the Bendigo Weekly were not willing to share that.
One reason for their unwillingness must be the lack of reliable flood mapping processes which means the information is not as reliable as it could and should be.
But that leaves people in the dark, both about the flood risk to their own property and about the likely cost of insurance.
There have been instances of insurers refusing to renew policies, based only on the fact a residence has a Bendigo postcode, and others have been shocked to find their premiums have skyrocketed, because an insurer has included non-optional flood cover for the first time.
Industry experts say all this uncertainty and bad news may settle down in the coming years, but that depends not only on the global financial market (likely to remain volatile) and also the weather (ditto).
Add to that the fact that, with costs rising so dramatically, many residents may not be able to afford insurance, or may choose to insure with one of the many companies popping up online offering cheaper but less comprehensive service.
Troubling and uncertain times ahead: but as one industry insider said, there may be a good outcome.
Flood mapping may be both improved and become more readily accessible, so that residents and the community can better prepare for the unlikely but possible event of a disaster.