Rezoning Proposal in Vicotria to Yield 3,640 New Dwellings

13/12/2016 7:54 am

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

The project, Beveridge Central Precinct Structure Plan, proposes an amendment that seeks to change the Mitchell Planning Scheme to facilitate the development of land within the Beveridge Central precinct which is predominantly zoned Urban Growth Zone in accordance with the vision for urban growth outlined in the Beveridge Central PSP. The precinct in total will deliver an anticipated growth of approximately 3,640 homes to accommodate a resident population of up to 10,200. The amendment will establish a framework for the development of a new urban community integrating with the existing Beveridge community and connecting to establishing and future communities.

The total land of the site is 2,910,000 square metres and the amendment is expected to generate positive social benefits for the Mitchell Shire Council through the provision of a range of residential densities that are served by community facilities.

Core Logic identifies the current median sale price of dwellings to be $455,000 in Beveridge, Victoria.  Consequently, 3,400 new dwellings on its own can add over $1.66B of housing stock to the property market.  However, as mentioned earlier, an increase in housing stock can affect the area's property value as supply may become much greater than the demand in the area.

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