Victoria has 10 years’ worth of land available to be developed, according to a new report.
The Victorian Planning Authority’s fourth quarter State of the State report provides a snapshot of key demographic metrics across Victoria.
It tracks population growth, building approvals and other statistics pertinent to the planning and development industries.
The report demonstrates that the VPA’s precinct structure plan program has had a significant impact on the amount of land that can provide housing and jobs to our growing population.
At the end of 2009 Victoria’s greenfields had approximately 4.4 years’ worth of land that could undergo development, but we now have more than a decade worth of supply.
This is largely thanks to the VPA’s comprehensive precinct structure plans, which are detailed blueprints for new communities.
The supply level varies greatly between corridors, with Wyndham having 19 years of supply and Whittlesea having almost eight years.
It is anticipated that supply will increase in 2017 as there are a number of large PSPs in the final stages of approval.
This report shows that in the past 12 months 36,412 detached houses and 31,748 other residential dwellings were approved across the state.
Historically, detached houses have been the dominant type of residential construction in Victoria but in the past few years the number of other residential dwellings approved has been almost the same as detached houses. It is yet to be determined if this is a permanent trend or a short-term aberration.
Click the link below to download the full report.