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Media Release
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Boost to Land Supply in Latrobe Valley a Major Plus
Monday, 30 January 2012 14:27
The Urban Development Institute of Australia (Victoria) today welcomed a boost to land supply with the rezoning of 228 hectares of residential land by the Minister for Planning, Matthew Guy, in the Latrobe Valley including Moe, Churchill, Newborough, Morwell and Traralgon.
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Tony De Domenico Executive Director UDIA (VIC) said, the release of the land will further add to housing affordability in Victoria and help provide a release valve to take the increasing population pressure on Melbourne and its expanding fringe suburbs.
"Around 5 million people live in Victoria, the second largest population of any state in Australia with 70% living in Melbourne despite the fact Victoria, as the smallest State in Australia, has major regional centres within easy reach of Melbourne."
Mr De Domenico said, "the lower cost of land in regional areas also provides a major opportunity to address housing affordability issues which at present is putting the great Australia Dream of home ownership beyond many Victorian young people and families".
"The median price of a house in Melbourne in the December quarter 2011 was $550,800."
Australian Property Monitors' June quarter market report in 2011 revealed 138 homes were sold in the region, with a 7.5 per cent decrease in median price to one of the lowest in Victoria of $199,500.
Mr De Domenico said affordable new housing projects, designed to blend into the existing regional and rural environment, also provide major social benefits to regions by encouraging the growth of a younger population as well as creating employment opportunities within the region.
"The closely aligned land development and housing industry directly generate a wide range of employment opportunities through their investment and development of homes".
"Apart from the initial employment generated through development of new housing projects a growing population of regional and country Victoria creates a stronger sustainable consumer market for all local businesses."
Most people are looking to live somewhere where they have an acceptable level of amenity: access to comfortable, affordable housing, access to work, access to recreation and leisure activities and access to shops, Mr De Domenico said.
Media Enquiries: Ron Smith, Corporate Media Communications, UDIA (VIC) Mobile: 0417 329 201