McKenzie Hill Residential Rezoning to Yield 125 Lots

09/09/2016 2:35 pm

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

Mount Alexander Residential Rezoning

94 Bulkeleys Road, McKenzkie Hills has been rezoned from a Rural Living Zone to General Residential Zone.  The amendment inserts the Vegetation Protection Overlay VPO in the planning scheme and also inserts a new Schedule 1 to the VPO and applies it to part of the land.  The amendment also applies the Bushfire Management Overlap to a part of the land and deletes Schedule 3 to the Development Plan Overlay DPO from the plan and inserts a new Schedule 9 to the DPO Residential development plan Bulkeleys Road and Ireland Street McKenzie Hill and applies it to the land.  The amendment is required to rezone the land to GRZ1 to facilitate residential development for between 90 and 125 residential lots.

 

Core Logic identifies the current median sale price to be $139,000 in Mckenzie Hill, Victoria.  Consequently, 125 new residential lots can add over $17M of housing stock to the property market.  However, as mentioned earlier, an increase in housing stock can affect the area's property value.

The amendment is considered to have positive economic effects by delivering employment opportunities during construction and providing additional residential land to cater for future residents.  Additional residential zoned land within the UGB may stabilise the cost of residential land within the Castlemaine area thus providing more affordable housing.

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