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State of Markets - VIC February 2013

By Staff Reporter

Essential information, plus expert insight on what is shaping the national property market...

VICTORIA

Levy for metro property owners
A levy has been proposed for metropolitan property owners in one city by a leading urban planning adviser, who has criticised the sustainability of housing developments.

Professor Roz Hansen, chair of the Ministerial Advisory Committee for the Metropolitan Planning Strategy, says there is little that is truly sustainable about the new developments in Melbourne's metropolitan fringe.

“The lack of job opportunities, reliable and frequent public transport and basic social infrastructure in these areas sends warning signals that such developments are unsustainable in the short and long term.

"We are building houses that are too large for small lots; it is the new version of 'suburbia', but this time round it is just 'more building’ on less land."

New capital for growth corridor
A new suburb with 50,000 jobs across a number of industries is being created to become the 'capital' of a major growth corridor.

The Victorian suburb on the 770-hectare East Werribee Employment Precinct will also have ‘crucial transport and infrastructure services’, according to premier Ted Baillieu and planning minister Matthew Guy, who said it would hold 7,000 properties.

"The East Werribee Employment Precinct will be the largest integrated business and residential development of government-owned land in Victoria since Docklands," Mr Baillieu said.

The new development, outlined in the draft Precinct Structure Plan for the site, demonstrates confidence in Melbourne’s west and lays the foundation for a residential heart of the western growth corridor, Mr Guy added.

"East Werribee is in the heart of one of Australia's fastest growing urban areas and is a prime location for increased residential and commercial activity," he said.

The suburb is 25km from Melbourne and 40km from Geelong's city centre. It is also close to Tullamarine airport and Avalon airport.

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Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
1.
FAIRLIGHT 46.02%
2.
CASUARINA 44.36%
3.
THE ENTRANCE NORTH 41.09%
4.
ULTIMO 40.67%
5.
LAVENDER BAY 40.2%