Are Melbourne Apartments Still a Safe Investment?

So now what?

After nine years adopting the previous state government’s hugely contentious Melbourne 2030 planning policy – the city’s development landscape is set to change, and apartments may be on the nose.

In one of its first official acts – and as it promised to do before the November 21 election – the Baillieu government has destroyed Labor government planning laws facilitating higher density redevelopment (ie, over three storeys) along all public transport nodes.

In Opposition, Planning Minister Matthew Guy said Melbourne risked becoming dysfunctional, and losing its character permanently, unless suburban apartment construction was curbed.

In power, Mr Guy has committed to a two year audit and consultation program to determine a new model of metropolitan planning.

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Top Melbourne Suburbs to Invest, For Budgets of Less Than $500,000

Flemington Post OfficeMELBOURNE’s once booming real-estate market has finally decelerated – and for the first time in a long time, buyers are calling the shots.

If you have a secure job, low debt and a will to own real estate – banks, developers and the Government want to talk.

But a word of advice: if you do take the plunge, spend what you can afford, rather than the maximum amount you can borrow.

Saturday Domain talks to some experts on which suburbs you should look at, no matter what your budget:

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Major 17-Level Apartment Tower Proposed For Essendon

LANDOWNERS are bingeing on state government messages they are now permitted to build Melbourne out and up.

In the month growth boundaries were expanded so that metropolitan Melbourne will stretch as far north and west as it does south – the owners of an Essendon shopping centre, ten kilometres from the CBD, have proposed a landmark complex with three towers, the tallest with apartments rising 17-levels.

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Melbourne Planning Landscape Changed Forever Because of Melbourne 2030 Policy

TWO disused bowling alleys, north and south of the Yarra River, give an indication of how fast planning attitudes have reformed, as architects, developers and planners maximised the former government’s redundant Melbourne @ 5 Million planning strategy.

In Mentone, some 21 kilometres south of the CBD, council has just rejected plans to replace the Mentone Bowl site with a 170-unit residential village topped by two towers of eight and 12 levels.

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Housing Industry Association Slams Victorian Government For Threatening Not to Expand the Urban Growth Boundary

The Housing Industry Association is pleased the Victorian Government’s unfair levy on new housing has been defeated in parliament, but is now calling on the Government to proceed with the expansion of Melbourne’s growth boundary or risk jeopardising the state’s land supply and affordability.

“It is disappointing that the Brumby Government is still holding the housing industry to ransom by threatening not to expand the Urban Growth Boundary,” HIA Victorian Executive Director Gil King said.

“This will seriously impact on the cost of land and housing. How can Premier John Brumby break his commitment to ensure adequate land supply into the future?”

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New 11-Storey and Eight-Storey Apartment Earmarked For Outgoing Dimmeys Richmond Site

Dimmeys RichmondPLANS to redevelop Richmond’s outgoing Dimmeys store into two apartment buildings, rising eight and 11 stories, have been critised by locals.

The new proposal, which replaces one last year whereby just a nine level building would be developed on the site, has been lodged by Richmond Icon, a development company associated with Melbourne’s wealthy Liberman family.

Richmond Icon paid Dimmeys $16 million for the outgoing site in 2008.

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Landmark Decision to Build 38-Level Apartment Building in Melbourne’s Suburbs

Justin MaddenBOX Hill will be identifiable from almost all of Melbourne, after the Victorian Planning Minster Justin Madden “called in” a controversial 38-level tower, behind the Box Hill train station.

The tower would be the tallest outside of the CBD and St Kilda Road area, and is one of two projects called in by the Minister this month.

The other sped-through project is a $100 million homemaker centre in Springvale, in Melbourne’s south-east.

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New Victorian Urban Growth Boundary Proposed: Government Statements and Fast Facts

The public and community have been invited to make submissions on the proposed changes to Melbourne’s Urban Growth Boundary (UGB) flagged last December in the Brumby Labor Government’s Melbourne @ 5 Million strategy.
 

Planning Minister Justin Madden today released the draft UGB as part of the Brumby Labor Government’s Delivering Melbourne’s Newest Sustainable Communities package.

The draft UGB also incorporates the proposed alignment of the Outer Metropolitan Ring Road, proposed alignment of the Regional Rail Link and the creation of two new grassland protected areas in Melbourne’s west.

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