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Melton proceeding with $15 billion urban regeneration plan

Melton Community Hall @ wealthruproperty.com 2

Melton Community Hall, Melton South

The Melton Shire Council is in the midst of formalising a major planning initiative which involves 2,400 hectares of vacant land between Paynes road at Rockbank and Toolern Creek in Melton South, locations which are 30km and 40km from Melbourne CBD respectively.

This plan involves 2 community centres, retail and commercial precincts, a new railway station and low, medium and high-density housing which is expected to add 22,000 new dwellings and increase the current Melton population of 43,000 to 100,000 by 2026. In addition, the plan also caters for the expansion of land for Harness Racing Victoria which recently moved from Moonee Valley to a new $40 million facility in Melton.

Back in 1970, the population of Melton was 4,000. Today, the wider Melton Shire Council which includes suburbs to the east of Melton closer to the city, is one of the fastest-growing municipalities in Australia, with the current population of 103,000 forecast to reach 144,000 by 2016.

The Honourable Justin Madden, Minister for Planning is expected to approve the Toolern Precinct Structure Plan in June 2010, with a developer expected to be appointed by December 2010. Subdivision works will be carried out in the middle of next year, with construction set to start soon after. More than 35 developers, consultants and other interested stakeholders are expected to be involved in the proposal to develop the first 512 hectares of council-owned land out of which 381 hectares will be residential properties.

Among the property developers expected to be joint-venture partners include Delfin, Lend Lease, MAB Corporation, Mirvac Group and Stockland, which recently paid $57 million for a 124-hectare development site in nearby Leakes road capable of accommodating 1,300 residential dwellings.

On completion of the entire 2400-hectare redevelopment, just one Western Highway exit will divide the invisible line where Melton begins and metropolitan Melbourne ends, loosely considered the 1,996 housing estates of Caroline Springs and Burnside, which actually share the same postcode as Deer Park.

M8 Western Freeway @ wealthruproperty.com 1

Excellent drive on the M8 Western Freeway

Total development value is expected to be a massive $15 billion will be invested in Melton, spread as $9 billion and $6 billion for residential and commercial development, making this investment a larger urban regeneration than Docklands’ $12 billion to the west of Melbourne CBD.

Melton, being known as the former “thoroughbred country”, which is currently 40 minutes by car from Melbourne CBD is expected to become more accessible when the proposed outer ring road is completed, connecting the suburb to Melbourne’s Tullamarine airport and an interchange at Oakland Junction connecting outer-western suburbs to the Hume Freeway. This development is another step closer for Melton to become part of metropolitan Melbourne.

The above is an excerpt from an article written by Marc Pallisco for The Age newspaper.

Other related posts:

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Elm tree-lined Bacchus Marsh road

Toolern – Melton’s major future growth area

Melbourne growth areas

Located to the south east of Melton township, Toolern is a 2,500-hectare urban growth area within the current Urban Growth Boundary. The Melton Council has commenced a $15 billion initiative to establish the area as a major growth centre for Victoria which will be one of the biggest growth precincts across metropolitan Melbourne. The massive, long term urban investment strategy is a visionary program to create a major new investment location for Victoria.

Toolern is expected to transform Melton township into a major urban centre to the west of Melbourne, with new regional infrastructure and services to support existing residents of Melton as well as future residents within Toolern itself, Eynesbury and surrounding areas, with major features to include a new major activity centre, rail station and a regional employment precinct.

The draft Toolern Precinct Structure Plan provides for a major new community of in excess of 20,000 households and 50,000 people. The plan area has been divided into a three individual precincts, each comprising a number of neighbourhoods, focused around local services and infrastructure.

The Growth Areas Authority is an independent statutory body within the Victorian state government 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 GAA was established in 2006 and reports to the Minister for Planning as part of the Victorian Government’s plan for outer urban development. The GAA has been appointed by the Minister for Planning to oversee planning and development in Melbourne’s five growth areas:

The GAA works with councils, developers and government agencies to:

  • plan new suburbs in a way that enhances quality of life for residents, creates local jobs and is environmentally sustainable
  • create affordable housing and a greater range and choice of housing
  • plan for infrastructure and services as new development occurs to meet the needs of the community.

Existing houses in Melton are typically brick veneer single storey dwellings.

Vital statistics

Suburb Median house price $ Weekly advertised median rent $ Gross yield $ 3-year growth % 5-year growth % Average annual growth %
Melton 220,000 230 5.4 22.2 29.0 9.5
Melton South 208,000 220 5.5 18.9 22.4 9.7
Melton West 245,000 240 5.1 11.4 16.7 8.0

Source: Your Investment Property, December 2009

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How it’s calculated:

Median price: Median price for the 12 months to August 2009

Average annual growth: Average percentage change over the past 10 years as a per annum figure

5-year growth: Median price percentage change over the past 5 years to August 2009

Weekly median advertised rent: Median price of rental listings for the 12 months to August 2009

Gross yield: Estimated rental return, based on advertised rent to median price

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