Buyer Beware – New Zoning Changes for Victoria
Buyer beware – new zoning changes for Victoria
If you are unaware of imminent zoning changes that will affect your property if you are a land owner in Victoria, you will want to do some research.
In her article entitled “Winners and Losers” part two of a series about how are suburbs are about to change, Karin Derkley from The Age investigates further and finds there are going to be winners and there are going to be losers from these changes. Which one will you be? Once you know, please let us know the impact on your property ownership by emailing info@buyersolutions.com.au or posting on our blog.
“Plan Melbourne, the Napthine government’s signature new planning policy, was meant to increase certainty, affordability and allow for Melbourne’s sustainable population expansion. Who wouldn’t drink to that? But since its launch in May, and with its new residential zones coming into effect in two weeks, the details are causing a mixture of popping champagne corks and dry mouths.
The government’s rhetoric is that 50 per cent of suburbs will be ”protected”, that development will be easier elsewhere, and that all parties would enjoy more certainty, the imminent reality is very different. And variable.
Several leafy suburbs have had their streetscapes and amenity largely set in aspic, with up to 93 per cent of their residential area given the highest development restriction. Suburbs elsewhere are expected to pick up the difference – to the consternation of some residents. How could this happen? Because the government hand balled the fine print of how it would apply to local councils to sort out, but retained the ability to approve or knock back their proposals.
Key interest groups – first-home buyers, downsizers, long-term residents, urban planners, small developers and real estate agents – are already sceptical about the supposed benefits of Plan Melbourne, it is emerging.”
As property buyers and owners, this raises many questions. How might the dwellings around you be developed? What will it mean for your amenity and streetscape? What will it mean for the value of your property or your future choices? Some owners are celebrating the new scheme, and others warning that champagne promises may be a little premature; that Plan Melbourne may turn out to be yet another big planning headache.
At Buyer Solutions, we see a trend for single level, low density, low overhead housing for the ageing Melbourne population. There are many single person households where the owner effectively trapped in their home due to lack of supply of reasonably priced, smaller dwellings. They are not interested in apartment living. The thought of being in a block of 50 apartments is a “horror” for many house owners. Yet, they need to downsize for financial, health, well being and other reasons as they age. How does this affect housing supply for first home buyers? We would love to hear your thoughts.
A colleague and long term, well known Melbourne Estate Agent said to me several months ago – ” All those villa units you have been buying over the past 18 years around many Melbourne suburbs are going to sky rocket in the next 10 years.” I hope he is right on behalf of our many clients who have bought with us since 2001.
For up to date information on what’s happening in real estate in Melbourne, contact Janet at jspencer@buyersolutions.com.au or 0418 101 146.
Buying property, Expatriate Aussies, First home buyers, Housing Market, Investment, Investment property, Overseas Buyers, Plan Melbourne, State of the market
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