Media Release


UDIA Welcomes Certainty in Victorian Planning



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.



Tony De Domenico
Executive Director

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 - Mobile: 0417 329 201