Last week, the Victorian Government announced a series of scheduled changes that will affect property and development in Victoria. Here’s what you need to know.
Sunday Oct 20 announcement
Planning of 50 Metropolitan Activity Centres
The Activity Centre program will see more homes for young people, families and downsizers around 50 train stations and tram stops in Melbourne’s inner suburbs. The Government has planned to deliver more than 300,000 additional homes across Melbourne by 2051.
Monday Oct 21 announcement
Off the Plan Stamp Duty Concessions
Eligibility criteria expanded for off-the-plan concessions. Anyone buying an apartment, unit or townhouse off-the-plan can claim the concession – not just first-home buyers and owner-occupiers. Thresholds will also be removed so the concession is available for apartments, units and townhouses of any value. The concession will be available for 12 months only commencing 21 October 2024
Tuesday Oct 22 announcement
Developer Contribution Plans Changes & Working Group
The Victorian Government announced it is exploring reforms to the state’s infrastructure contribution systems. Pilot contributions scheme to apply in the first 10 activity centres to commence in 2027 with a new $150m round of GAIC funding to open for eligible initiatives.
Wednesday Oct 23 announcement
10-year Greenfield Supply
- A new ten year greenfield plan
- Greenfield supply to reflect 30% target from Housing Statement
- A commitment to an 18,000 lot supply pipeline for metro Melbourne
- VPA Business Plan to reflect ten year plan
- A concierge service to resolve delayed applications
- More transparent tracking and reporting against plan
- 27 new Precinct Structure Plans with 22 completed by 2034-35
Thursday Oct 24 announcement
Building Bond
- Overhaul of the State’s building regulator, replacing the Victorian Building Authority with a new more powerful watchdog.
- Government exploring a developer bond scheme for buildings over three storeys. The bond would cover the cost of rectification works.
- The proposed bond is intended to be temporary until a 10 year liability insurance product is established.
- Government to work with industry peak bodies, including UDIA Victoria on proposed reforms.
- Changes planned for subdividing to streamline processes and unlock development.
Friday 25 October announcement
Regional Housing
Major regional centres show they will play an important role in meeting the State’s housing supply targets.
- Changes to regional development contribution arrangements
- Government committing towards a Regional Planner Cadetship Program.
- A Regional Planning Hubs program to place planning experts in regional and rural councils to support their planning and development.