Record low Melbourne land supply calls for boundary move
|The findings released today by Oliver Hume Real Estate Group on the falling pipeline supply of residential land in Melbourne’s Growth Areas reinforces the priority for inclusion of the Merrifield Master Plan Area within the Urban Growth Boundary.
According to Oliver Hume’s data, the amount of residential land supply in metropolitan Melbourne’s growth areas available for retail purchase has fallen under 2 months and down 20% on the previous quarter which is at a record low.
David Hall, General Manager, Merrifield Corporation said, “The findings are of significant concern in Melbourne’s North, particularly within the City of Hume – the tightest land market for purchasers – where only 1.2 months of retail land supply is available. This is further compounded by the fact that only a handful of major developers are actively selling in this corridor.”
“We strongly believe that the data justifies the State Government’s decision in December 2008 to identify additional land in Melbourne’s Growth Areas for urban development as part of the Urban Growth Boundary Review identified in Melbourne @ 5 million.”
Merrifield Corporation lodged a submission on 20 February 2009 to the Growth Area Authority’s Urban Growth Boundary Review seeking the inclusion of 1,163 hectares of land within the Urban Growth Boundary. This land has the potential to accommodation up to 10,000 dwellings and 30,000 people and adjoins the approved 416 hectare Merrifield Employment Precinct. The Government proposes in mid-2009 to issue the draft expanded Urban Growth Boundary.
“The inclusion of the Merrifield Master Plan Area within the Urban Growth Boundary which adjoins the Merrifield Central Employment Precinct will assist to solve the current land supply issues in a strategic location that will deliver jobs close to where people live.” said Mr. Hall.