Victorian Planning Minister Releases 50,000 New House Lots
Victorian Planning Minister Matthew Guy believes the release of 50,000 new housing lots will boost Victoria’s economy.
Mr Guy made the announcement to release 50,000 new housing lots on March 6, stating it was a vital development for the Victorian economy, ensuring that the supply of land for housing growth remains strong.
He went on to say that for every million dollars spent on housing construction, it creates seven full time jobs in the construction industry, with additional flow on jobs.
The 50,000 lot land supply target will be within the existing urban growth boundary and will be delivered by the Metropolitan Planning Authority. Some 21,000 houses are set for the southeast growth corridor, with further releases this year to focus on the northern and western growth corridors.
Mr Guy added that the average lot price is down by 15% since the election in 2010, driven by the strong land release policy.
Geelong will also be a key focus in the coming months, with 4,000 lots recently rezoned in Lara and more releases planned for growth corridors including Armstrong Creek.