UDIA (VIC)

The Urban Development Institute of Australia (Victoria) today welcomed the announcement of the largest urban rezoning in Australia's history for Fishermans Bend as a game changer for the future of Melbourne.

Tony De Domenico Executive Director   UDIA (VIC)

Tony De Domenico, Executive Director of the UDIA (VIC) said the rezoning was a bold move Melbourne has needed for a number years to breathe life into the western area of the city.

'It also comes at a time when planning certainty is a top priority for both the development industry and the community."

Mr De Domenico said the announcement today provides a platform for the property development industry and investors to start considering urgently needed investment and commitment to major projects close to Melbourne.

"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 and maintain a demand in outer suburban areas.

"This is turn will bring urgently need jobs in the building and construction sector.

"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".

The rezoning also provides the opportunity to upgrade existing infrastructure, Mr De Domenico said.

Media Enquiries:
Ron Smith, Corporate Media Communications, UDIA - Mobile: 0417 329 201