Strategy to guide development in Melbourne city
In a bid to accommodate for future growth in Melbourne's CBD, the Victorian state government approved a new strategy that will guide commercial and residential property development.
The Municipal Strategic Statement (MSS) was approved by state Minister for Planning Matthew Guy earlier this month (August 16) for the City of Melbourne to implement.
This new strategy is great news for those who are looking to buy residential real estate for investment in the future, as the MSS will guide development projects in key areas that need it the most.
Some of the regions included in the strategy will be urban renewal areas, such as E Gate, Fishermans Bend, City North and Arden Macaulay.
Once development begins in these areas, they will join the likes of two other key suburbs in Melbourne's CBD that have been transformed into thriving residential and commercial centres - Docklands and Southbank.
Docklands has seen a steady rate of development over the last couple of years, and has a range of apartment buildings and commercial office property buildings that have recently been completed.
In 2007, the City of Melbourne released a development plan for Southbank that included seven key projects for parks and public transport. Through some of these projects, the area has seen rapid residential development with many high-rise apartment buildings being built.
These two areas will continue to receive support through the new strategy once it is implemented.
This MSS differs slightly from previous versions that were released in the past, as it now places a focus on improving and providing transport and development infrastructure projects.
These projects will help to increase Melbourne CBD's liveability, and potentially attract more people to shift to the area.
"Central Melbourne is Australia's most exciting downtown area so it’s important that we plan with foresight to ensure we're building a city for people, not just new buildings," said Mr Guy in an August 16 statement.
"The new MSS provides a balance between protecting neighbourhood character and accommodating areas of growth to facilitate jobs and housing now and for future generations."
Once the new strategy has been implemented, it will guide the City of Melbourne in planning for population growth and employment.
"Put simply, the MSS is the game plan for Melbourne's development. It brings certainty to residents and to developers," said Mayor Robert Doyle.