1. Skip to navigation
  2. Skip to content
  3. Skip to sidebar

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.

Related Articles

Things to look for when renting

Looking for a rental property to call home? There are some important things to keep in mind to ...
read more

Bright tips for lighting rooms

Your residential property is a place you can relax at the end of the day and entertain friends, so ...
read more

Garden trends in bloom

Whether you're a first time buyer or are looking to spruce up your existing home, a beautiful ...
read more

Latest Articles

Is it time for a change?

Is your current home not quite right for your needs? Whatever the reason, you might sell your ...
read more

Growing home lending figures in Western Australia highlight construction rise

Anyone interested in buying land in Western Australia and building their own residential property ...
read more

Calls to keep stamp duty exemption for first home buyers in Western Australia continue

The Real Estate Institute of Western Australia (REIWA) has stood up or the rights of first home ...
read more