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Property News

Melbourne inner-city area to boom

July 03, 2012

Melbourne city will increase in size by 50 per cent under the largest urban renewal project in Australian history.

Under the plan, 240 hectares will be rezoned to capital city zone - boosting residential property and commercial real estate in the inner-city area.

The Fishermans Bend urban renewal plan will include the construction of 5,000 apartments over the next decade - boosting the building sector and state economy.

"This rezoning expands Melbourne's capital city zone by more than 50 per cent and is expected to accommodate around 25,000 jobs and 50,000 residents," Victorian minister for planning Matthew Guy said yesterday (July 2).

With a significant increase in commercial office property and the construction of thousands of dwellings, the area is expected to become a thriving inner-city community.

Mr Guy said: "This area will be home to high rise residential towers, modern terraced townhouses, campus-style offices, warehouse lofts, a vertical school, small laneways, local parks, new art galleries and all kinds of new opportunities."

Development applications were now open for submission to the state government, with the proposal of non-government schools in the precinct particularly welcomed, Mr Guy said.

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