 | | Tony De Domenico, Executive
Director UDIA (VIC) | |
The
Urban Development Institute of Australia (Victoria) today said the release of
details for the future planning of Melbourne's Growth Corridors will provide a
much needed confidence boost to the new housing market and investment in future
residential and commercial development.
Executive
Director of the UDIA (VIC), Tony De Domenico, said,"the release of the plans provides
the development industry with a foundation for long term certainty and transparency
which would help strengthen the industry and encourage investment."
"The
inclusion of an additional 6000 hectares of land within the Melbourne growth boundary
for six new suburbs to house more than 100,000 people will be a major contributor
to employment."
"In
Victoria the industry directly employs around 310,000 full time employees, contributes
around 12 per cent of the state's gross domestic product and contributes $4.6
billion in taxes to all tiers of government".
Mr.
De Domenico said with signs of recovery in the property market and a lower interest
rate climate, the present time presents a window of opportunity to encourage confidence
in the new housing market which ultimately provides considerable employment and
tax revenue to Victoria.
"The
Victorian development industry itself has been taking major steps to stimulate
the market through a wide range of incentives running into thousands of dollars
in many instances on house and land packages for several months."
"The
recent release of the projected Victoria in Future 2012 figures by the
Victorian Government showing an average growth rate of .3 per cent between 2011
and 2031 seeing Victoria's population grow from 5.6 million to 7.3 million will
underpin demand in the property industry long term however there is a need for
urgent action now to stimulate the industry".
"Home
ownership in Australia is one of the cornerstones of economic and social stability
as well as a major employment driver,"Mr. De Domenico added.
Media Enquiries:
Ron Smith,
Corporate Media Communications, UDIA (VIC) - Mobile: 0417 329 201
