Victorian economy needs to look forward
Economic growth, along with residential and commercial retail property investment require similar ...
Economic growth, along with residential and commercial retail property investment require similar conditions to garner positive results.
One of those aspects is market confidence that buds from communal support towards shared goals.
Executive director for the Victorian division of the Urban Development Index of Australia (UDIA) Tony De Domenico insists that creating effective strategies instead of dissecting past failures is necessary to help move the state forward.
"In the property sector we are looking for a rebuilding of confidence in the first home market and getting a sense of urgency into local government, which is full of permit applications, not only for land development but also housing and commercial renovations," he said.
Rapid movement could impart renewed confidence in the economy that is needed to spur sustainable growth.
Mr De Domenico called for a "coordinated move" across Victoria to give their attention to existing applications and to report monthly on the value of works being administered, flagging any that sit in the tray longer than a month.
Speed and accuracy may create a snowball effect that leads to increased economic activity and encourages continued expansion in the commercial property sector.