Residential Rezoning in Victoria to Yield 464 Lots

08/09/2016 2:32 pm

*Blockbrief members were notified immediately in July of the rezoning information provided below.  

St Leonards Residential Rezoning 

321 - 399 Ibbotson Street, St Leonards has been rezoned from Farming Zone to General Residential Zone Schedule 1.  In addition, associated Planning Permit Application 970 proposes to allow a staged multi lot residential subdivision.  Approximately 464 lots are proposed to be developed on the site.

According to CoreLogic, the current median sale price in St Leonards is $509,000.  Consequently, 464 new lots can equate to over $236M in added property value to the market.

However, an increased supply in housing can also impact pricing in the area if there is not enough demand for home to maintain the market value.  The proposal is expected to promote affordable housing in proximity to the Town Centre, foreshore, recreation facilities and primary school.

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