Land Prices Set to Soar
Melbourne's house and land values are at record levels and with the cancellation of the new urban growth boundary zones, land prices are due to rise to new heights. When all available land in the current zones are at their maximum capacity it is inevitable that prices can only go up as land becomes increasingly scarce and the demand for accommodation becomes more prevalent due to Melbourne's population boom.
The Urban Growth Boundary Zones (UGZ) are areas of land that have been identified for future land developments. It is an important tool in more efficient and effect developments for key growth areas. The process cuts 12 months of the current planning that is undergone and merges the strategic planning (Precinct Structure Plan) and land rezoning approval processes into one step.
The Urban Growth Zones key purpose is to:
•- Manage the transformation of non urban land to urban land
•- Reduce the amount of development approvals in planned areas
•- To encourage development of successful urban communities
•- To monitor non urban land to ensure it remains suitable, should it be required for future urban development
Ii is a collaborative process between the Growth Areas Authority, the Department of Planning and Community Development and the Growth Area Councils.
UGZ was initially looked at being applied to farming areas within the Urban Growth Boundary (UGB) of Melbourne's key growth areas. It could also be applied to land adjacent to regional towns and cities that have been deemed favourable for future development.
The current areas, where land for the UGZ has been identified, is located in the growth areas of:
•- Melton
•- Cardinia
•- Wyndham
•- Hume
•- Casey
Freeing up land for development in these areas was designed to alleviate the burden from the rapidly expanding population of Melbourne. The extension of the growth boundary was originally extended to accommodate more of the population, as more dwellings became available in these zones. The intention was that the implementation would, in effect, assist in increasing the affordability in Melbourne.
These new zones, however, drew much criticism from green groups for including previously protected land labelled the "green wedges," in development areas.
