Relief appears to be is in sight for Victorian developers and councils as the Federal Government announces more infrastructure funding for the state.
The new funding will be provided through the $1.5-billion Housing Support Program and aims to cover the cost of necessary trunk and other infrastructure prior to building medium and high-density housing in targetted areas.
The high cost of installing this necessary infrastructure is often too great for councils to pay for or makes projects unfeasible for developers.
That has stalled projects in areas where increasing population density has driven demand for housing and other services.
Under the first round of funding,more than $248 million will be provided to help build 3781 homes across Victoria faster.
Roads, sewerage, water and access to social housing will be funded.
The Federal Government also said that $4.5 million of the funding would be used to create a signal intersection and left-turn-lane access from Burwood Highway at Knoxfield, improving access for the area and the 400 new homes nearby.
Development Victoria is planning a 19.2ha residential precinct at Knoxfield, 27km east of the Melbourne CBD.
More than $88 million will be available for social housing and infrastructure across regional Victoria under the Federal funding.
A least 10 per cent of the funding will be directed to First Nations’ housing outcomes as part of the Victorian Government’s Big Housing Build commitment.
