Melbourne is going through a property boom at the moment where house prices have surged 27% over the last 12 months. It is the fastest growing city in Australia and is expected to overtake Sydney as Australia’s largest city within three decades because Victoria is building new homes at twice the rate of New South Wales and is attracting immigrants in record numbers. Victoria’s population recorded an increase of 112,000 in the year to March 2009 and assuming Melbourne has kept its share of growth rate, the city is expanding at a rate of 90,000 people a year or more than 1,700 a week.
In a study report entitled “Going Nowhere” prepared by forecaster BIS Shrapnel for the Urban Taskforce developers’ lobby, the findings show evidence of a “3-speed” economy within Australia over the last 10 years:
- resources boom powering Western Australia and Queensland away from the rest of the states
- previously slow-growing Victoria and South Australia recording strong growth
- complacent New South Wales slipping into a laggard status
The Victorian state government has established the Growth Areas Authority with a broad and facilitative role to create greater certainty, faster decisions and better coordination between all parties involved in planning and development of Melbourne’s growth areas.
The Growth Areas Authority was established in 2006 and reports to the Minister for Planning as part of the Victorian Government’s plan for outer urban development. The Growth Areas Authority has been appointed by the Minister for Planning to oversee planning and development in Melbourne’s five growth areas:
This augurs well for leading home builders in Melbourne where competition is keen in Melbourne’s new growth areas above. These home builders offer a wide range of stand alone homes, house and land packages with flexible floor plans to suit the needs of different markets. Some of the leading home builders in Victoria include the following:
Related articles and posts:
- Melbourne on target to be out biggest city, The Australian, 27 April 2010
- Melbourne to top Sydney as Australia’s No. 1 city, Bloomberg Businessweek, 27 April 2010
- Toolern – Melton’s major future growth area