New Residential Zones for Melbourne Property
New residential zones for Melbourne property are coming in July 2014.
The Major of Port Phillip sent a message to all rate payers recently and said the following” The Victorian Government has released three new residential zones and Council now needs to apply these across Port Phillip. The new zones may change the type of residential development that is allowed in your street and neighbourhood, including specifying building heights and dwelling densities.”
So what are the three zones?
Residential Growth Zone
Allows for increased growth and densities.
General Residential Zone
Allows for some multi-unit development in areas with good access to shops, services and public transport. New development must also respect neighbourhood character.
Neighbourhood Residential Zone
Provides for limited development in established residential areas that are more distant from shops and public transport and protects heritage and neighbourhood character.
How are these zones different frm the current residential zones?
Most property owners will be familiar with Residential 1 and 2 zones that currently apply. These zones do not include height limits and do not specify dwelling density ( the number of dwellings that can be built on a site or block of land). The General Residential Zone is most like the current residential zones, whereas the Neighbourhood Residential Zone will introduce new limits on building heights and dwelling density. The Residential Growth Zone provides for increased dwelling densities, however this will bee mostly in a commercial or mixed use zone.
If your dwelling is in a commercial or mixed use zone, it will not be affected by changes to residential zones.
The City of Yarra has indicated that the new zones will affect the future use of properties and advise owners to understand and have input into the proposed changes. Comments close for City of Yarra on the 28th of February and for the City of Port Phillip on the 14th of March 2014. We strongly recommend you check your local councils website for consultation periods and proposed changes in your municipality that may affect property you currently own or any you are considering buying.
If the current plan for rezoning is adopted, there will only be a very small part of City of Port Phillip that will be Residential Growth Zone, it will mostly be Neighbourhood Residential.
Your local council will have maps online and planners who can help you if you give them a call.
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, First home buyers, Housing Market, Investment property, Overseas Buyers, Real Estate News & Opinion, State of the market
+61 39816 8555