New zoning laws to drive Melbourne growth
New residential zoning laws to be introduced in Melbourne will drive growth and development in the city's suburbs.
Victorian minister for planning Matthew Guy said the reform of planning zones across the city will benefit businesses, developers and residents - potentially appealing to those interested in property investment.
The changes will include three new residential zones aimed at encouraging growth and investment in specific areas designed for high density living.
"Planning zones are the greatest indicator of the style of development for any area. The Coalition government's sweeping zones reform package aims to give certainty for areas that deserve protection and those identified as growth nodes," Mr Guy explained.
The reforms, which comprise a new residential growth zone, a general residential zone and a neighbourhood residential zone, may attract the interest of those looking at purchasing investment property in Melbourne, with the changes likely to affect them.
The residential growth zone will include tough regulations regarding subdivision and encourage the development of medium to high density housing in specific neighbourhoods.
Mr Guy commented: "Victoria's economic integrity is at the forefront of its planning decisions and these reforms are no different. The residential zone reform package supports Victoria's economy by clarifying where development can occur and what can be built."