Victoria has seen a few changes in the housing and planning sector lately. These can be attributed to the increase in demand for housing as the population of Victoria grows and is forecast to grow further. More people entering the housing market in Victoria is great for property developers but there are some new guidelines to be aware of that will impact the planning of your new development.
The new guidelines stipulate the need for not only additional housing but the importance of some outdoor space to maintain a landscape that is reminiscent of suburban life. Essentially, they are looking to maintain a balance between a building and the land around it and avoid a high density, city feel in the suburbs.
What are the details and how will this affect you as a developer? Well, there have been certain ratios set to allow for this balance. If you have a block of land between 400-500m2 you are now required to have a minimum of 25% garden space. And it increases incrementally with the size of your block. 35% garden space is required if you have a block larger than 650m2.
The good news for developers is that, there is no longer a limit as to how many dwellings are built on a lot. You will now be able to maximise your property as long as it is within the open space ratios.
In doing this the government hopes to encourage more outdoor areas, bringing a communal feel to suburbs across Victoria and overall maintaining a sense of liveability.
Developers are creating new spaces, within what will become new suburbs for people to live in and call their home and, as we all know, the satisfaction of the buyer is paramount. Create a wonderful place and people will equally love to live there. These new guidelines are an attempt to make the new developments more user friendly. The focus here is on housing density, striking the right balance between building and open space is the key and is the new challenge for developers.
Each suburb should not only feel like a home but it should create a sense of community. Making sure people have what they need will be a great selling point when taking your development to the market.
This new strategy means we will have to be more creative during the planning stage to ensure we stay within the open space guidelines. With communal feel of an area being a major selling point, it could be used as a way to attract new buyers, and a point of difference between already established developments.
Alleura recommends each individual seek the services of a qualified service provider before undertaking any financial investment. This information in this article is for general information purposes only. It is not intended as financial or investment advice.