According to VPA Chief Executive Peter Seamer, Victoria has the most efficient and affordable greenfield market in the country, with a serviced lot costing more than $200,000 less in Melbourne than equivalent places in Sydney.
“Melbourne’s greenfields are experiencing a record take-up, with more than 22,000 housing lots selling in the four quarters to September this year,” he said.
“This program will help keep the dream of home ownership alive for Victorians.”
The VPA said about three years of growth is currently planned for with councils that are currently processing 60,000 lot applications at various stages of approval in Melbourne, and their initiative is intended to help local government speed up processing “during a time of unprecedented demand will bring more land to market faster”.
The State Government’s ultimate goal is to provide Melbourne with an increase in overall supply which will help it maintain its housing affordability edge.
Property Council of Australia Executive Director Sally Capp said her industry group is in support of this move, as it is the first step to cut red tape to ensure land demand in key areas.
Source: The Urban Developer