Melbourne's future growth highlighted by land supply report
There are a number of opportunities popping up across Australia at the moment for smart buyers to secure lucrative, profitable investment in many cities across the country.
However, the latest report from the Urban Development Project (UDP) has found that Melbourne is currently leading the way for future development, catering for a growing population and employment to help the state's economy continue to perform.
The UDP covers 19 different regional centres in Victoria and assesses how much land is available for the construction of commercial and residential property. Results found that Victoria has been putting its land to the best use with regards to continued development.
Minister for Planning Matthew Guy said the results of the report have been promising, with the expected housing of future residents in the state being planned ahead of time.
"Melbourne is certainly in an enviable position because we have large tracts of land marked for urban renewal and new suburbs. We also have the largest amount of industrial land of all capital cities in the country," said Mr Guy in a January 21 statement.
"We are already showing that we are directing housing growth sensibly and sustainably. In the past year, five new precinct structure plans were approved, adding around 19,000 potential house blocks in Melbourne’s newest suburbs, while we had a record 179,400 potential dwellings coming from major apartment developments."
Now could be the perfect time to pursue investment property in the region, with Victoria - especially Melbourne - expected to make extreme headway in future development and growth. With a wide range of initiatives in place to help spur the state on, this could provide a chance to expand your portfolio.
For example, five out of Melbourne's six growth areas have 25 years' worth of residential land supply, while the sixth has 22 years. Furthermore, there are 412,600 potential house lots within these areas, with more than a third already zoned and ready for construction.
The number of apartments in Melbourne has also increased by more than double since 2008/09. This highlights the immense popularity of accommodation in the bustling metropolitan heart of Victoria's capital city.
"Right across the state, there are plans in place to ensure we can gradually open up residential and industrial land for at least the next 20 years, while protecting agricultural employment land," said Mr Guy.