9th of April 2015
With Melbourne’s population forecast to grow to 7.7 million by 2050 there is a need to ensure the constant supply of affordable house and land product to meet the ever increasing need for housing.
In order to regulate this supply the Melbourne Planning Authority in conjunction with councils, land owners and developers produce what are known as Precinct Structure Plans (PSP’s) for areas within Melbourne and this includes the growth areas where much of the new construction in housing occurs.
These plans are set out to ensure that communities that are delivered by land developers are great places to live and that they include the necessary amenities to service the community, these include roads, transport networks, parks and open space, shopping centres, schools and community facilities. PSP’s also detail the minimum amount of land allotments that land developers must deliver per hectare of land within the PSP, this number ensures that developers deliver a wide variety of allotment sizes in order to aide in the affordability of house and land within the area.
According to research from leading Project Marketing firm Oliver Hume Real Estate there are currently in excess of 200,000 PSP approved allotments across 51 approved PSP’s which will come to the market over the next decade. This number continues to evolve and change as land is delivered and sold and new PSP’s are formed and released.
There are currently an additional 29 PSP’s in planning or due to commence planning across Melbourne and these PSP’s will increase the forecast supply of house and land even further. This is required to meet the housing requirements for an additional 3.5 million residents in Melbourne by 2050 from the current level of 4.3 million.
Andrew Perkins National Head of Research for Oliver Hume said that with regards to PSP’s in planning there was “good news on the horizon” “as several Greenfields precinct plans are about to be released for formal exhibition and consultation over the near term. A PSP for land known as the Craigieburn North Employment Area will be out for public exhibition and comment from April 9. This planned employment precinct is bound by Hume Freeway to the west and Merri Creek and Melbourne-Sydney railway line to the east and is intended to offer a business mix varying from restricted retail in the north of precinct, to offices and large format employment uses. Residential focused PSP’s for Quarry Hills (in Epping/Wollert), Lincoln Heath South (in Point Cook), Minta Farm (in Casey) and Casey Central Town Centre are also close to formal release.”
With this requirement to deliver housing across these new areas Nostra Homes continues to work with land developers to ensure we are meeting the housing requirements of an ever increasing yet changing population demographic.
We look forward to continuing to update you via this blog on any future updates on land supply and how it is changing the Melbourne landscape as we become a truly world city in size and scope.
Should you believe Nostra Homes and Developments rights have been infringed, we encourage you to advise us. Should we successfully pursue the matter and be compensated, there will be a $5,000 reward.