30 January 2012
Boost to Land Supply in
Latrobe Valley a Major Plus
The Urban
Development Institute of Australia (Victoria) today
welcomed a boost to land supply with the rezoning of
228 hectares of residential land by the Minister for
Planning, Matthew Guy, in the Latrobe Valley including
Moe, Churchill, Newborough, Morwell and Traralgon.
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Tony De Domenico
Executive Director
UDIA
(VIC) |
Tony De Domenico, Executive Director
of the UDIA (VIC) said, the release of the land will further
add to housing affordability in Victoria and help provide a
release valve to take the increasing population pressure on
Melbourne and its expanding fringe
suburbs.
"Around
5 million people live in Victoria, the second largest
population of any state in Australia with 70% living in
Melbourne despite the fact Victoria, as the smallest State in
Australia, has major regional centres within easy reach of
Melbourne."
Mr De Domenico said, "the lower
cost of land in regional areas also provides a major
opportunity to address housing affordability issues which at
present is putting the great Australia Dream of home ownership
beyond many Victorian young people and families".
"The median price of a house in
Melbourne in the December quarter 2011 was
$550,800."
Australian Property Monitors' June
quarter market report in 2011 revealed 138 homes were sold in
the region, with a 7.5 per cent decrease in median price to
one of the lowest in Victoria of $199,500.
Mr De Domenico said affordable new
housing projects, designed to blend into the existing regional
and rural environment, also provide major social benefits to
regions by encouraging the growth of a younger population as
well as creating employment opportunities within the region.
"The closely aligned land development
and housing industry directly generate a wide range of
employment opportunities through their investment and
development of homes".
"Apart from the initial employment
generated through development of new housing projects a
growing population of regional and country Victoria creates a
stronger sustainable consumer market for all local
businesses."
Most people are looking to live
somewhere where they have an acceptable level of amenity:
access to comfortable, affordable housing, access to work,
access to recreation and leisure activities and access to
shops, Mr De Domenico said.
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