Melbourne is getting more attention for 2017!
The capital of Victoria is becoming a hotspot as potential property buyers and job seekers started to flock to the area.
Over the past years, people shrugged off the idea that Melbourne would reach a population number of 140,000 by 2020, but in 2016, the progress is visible as 137,000 heads are already calling Melbourne their home sweet home. Moreover, the latest released predictions state that by 2020 there will be 170,000 residents.
2016 is the year wherein Melbourne regained a spot in the best property market, thanks to enthusiastic home buyers who caused the surges in house prices. This shows that residential construction is overcoming commercial construction.
With the overflowing demand in the property, Melbourne is experiencing aligned stars as becoming a centre of global thinking due to its liveable, sustainable and marketable properties.
Back in 2005 to 2010, the number of residential and commercial construction were even, but after five years, residential areas boomed and outnumbered commercial construction by two and a half times.
Planning Minister Richard Wynne released planning controls for development standards which will let developers build taller apartment buildings as long as they provide “public amenities” or office spaces in order to maintain commercial construction.
The set of rules released has discretionary powers allow citizens to evaluate proposals, architectural design, public open space, community contribution, and sustainability.
“Providing incentives for public benefit is really going to allow for substantial additions to the height on top of an already generous plot ratio, said RMIT University planning academic Professor Michael Buxton regarding the development uplift provision.
Lord Mayor Robert Doyle said the council will participate and become an arbiter on the public benefit.
He also said that he is concerned about the residential high-rise towers that are getting more spaces compared to commercial buildings.
“We’re going to have to consider some mechanism to provide incentives for more commercial development. We’re generating around 10,000 jobs a year. We need room for those workers.”
With the rising demand for properties in Melbourne that caused the surge in prices, there are more residential buildings built than commercial buildings.
The planning minister released a set of rules to serve as a guide stating that developers can build taller buildings as long as they provide public amenities.
This can be an advantage to business brokers victoria since the properties that they can sell has it all — residential and office spaces. Also, this can align with one of the latest trends for 2017 that is called surban neighbourhood, which means that the area has it all to live life from residential, to work, and to leisure and amusement.