The City of Wodonga is set to experience “one of the largest regional growth fronts in Australia”, according to the Victorian government.
The local council secured a state government grant for the planning of the Leneva-Baranduda growth corridor.
“This financial assistance will allow Wodonga to grow to an ultimate population of nearly 75,000 people and ensure this regional city can grow sustainably and in a well-planned manner," planning minister Matthew Guy said.
The growth corridor is expected to deliver housing for approximately 35,000 people, around 14,000 new homes and approximately 6,000 new jobs.
The plans would boost the local economy and commercial development in Wodonga’s CBD, according to Mr Guy.
Empower Wealth CEO Ben Kingsley said the Albury-Wodonga region was on the company’s "watch list" for long-term capital growth in the property market.
“The good news story in Albury is the lifestyle drivers are all there,” Mr Kingsley said.
The area offers a fantastic climate, leisure infrastructure and proximity to the Murray River, he said.
In addition, Mr Kingsley believes the local job market has been driven by the presence of multinational companies and government departments.
“It’s that link between Melbourne, Sydney and Canberra. It’s got potential for the longer term, and that’s why it’s on our watch list,” Mr Kingsley said.
Local member Bill Tilley said the development of the growth corridor would invigorate the local construction and employment sectors.
“As the local member of parliament, I am proud to see this government is doing all it can to continue strong growth and demand in our local construction and development sectors, which is central to maintaining a strong and competitive local economy,” he said.