An extra 290,000 housing lots in Melbourne’s growth corridors will be released within two years if the coalition wins government in the November election, said Opposition Leader Matthew Guy.
The land in the western, northern and south eastern growth corridors of Melbourne was rezoned for urban growth eight years ago, but has not yet been released for homebuyers to build on.
Mr Guy said increasing land supply would bring down the cost of housing, getting more Victorians into home ownership rather than have them renting for life.
“It’s never been harder for Victorians to own a home,” he said. “Houses cost too much. The cost of living is getting way beyond what the average Victorian can manage. The government can’t just be a bystander. We’ve got to do something. “We’ve got to think beyond the next election and start think of the next generation.”
Mr Guy said the move was part of the coalition’s five-point plan to tackle housing affordability.
He recently unveiled the fast-track proposal, which aims to finalise the metropolitan plans by mid-2020, during his speech to the Housing Industry Association. The new home lots take in Melton and Wyndham in the west, Hume, Whittlesea and Mitchell in the north, and Casey and Cardinia in the southeast.
The move would unlock 12 years’ worth of housing land supply.
If elected, a coalition government will also streamline processes to slash unnecessary and unreasonable delays and introduce a dispute resolution process in the Victorian Civil and Administrative Tribunal.
Responsible authorities would also be fined for “unreasonable” delays in making the land available.
Realtor Darpan Mittal has welcomed the announcement. Mr Mittal said “The land supply needs to keep pace with the population growth in Victoria. I welcome this announcement.”
Real Estate Investor and Developer Mr Manish Dhingra has also given a big ‘Thumbs Up’ to the announcement. “It’s long overdue, the release of extra lots. Victorian population is increasing, so should the land supply.”