New planning zones positive for property investment
Property investment and development opportunities should become more available in Victoria after ...
Property investment and development opportunities should become more available in Victoria after new planning zones were announced by the Victorian government, according to the Urban Development Institute of Australia (UDIA).
Over 2000 public submissions were received about the zone proposals, and the result is that nine existing zones will be deleted, 12 will be amended and five new zones will be created under the reforms.
President of the UDIA Tony De Domenico is positive about the changes, especially for those interested in commercial property.
"The introduction of the new zones, which released some 2700 hectares of land across Victoria for industrial and commercial development, will spark development and investment interest in Victoria."
Two of the new zones are labelled as 'commercial' and will be greatly beneficial for commercial real estate investors, according to Mr De Domenico.
"The implementation of the two new zones will provide a far more structured certain guide to investors and companies looking to expand commercial and industrial activities within Victoria," he said.
While beneficial for the commercial sector of the property market, the UDIA believes changes here will benefit both the government and Victorian citizens through greater cohesion and coordination.