Melbourne’s south-east is on the rise with a new government-led residential development launching sales as housing pressure continues to build and push demand out to the city’s fast-growing fringes.
Development Victoria, the state government’s property development arm, is preparing to bring 47 townhouses to market at its Coomoora project in Springvale South.
It has partnered with Creation Homes to deliver the affordable and sustainable two-storey homes comprising a mix of two, three and four bedrooms.
In a bid to help counter increasing housing affordability issues, a key initiative of the release is Development Victoria’s Priority Access program, which gives eligible moderate-income earners first option on securing homes before they are offered on the open market.
The project, spanning a 2.4ha site about 22km from the Melbourne CBD, also includes 16 land-only lots, which have already been sold.
Development Victoria’s group head of property development, Penny Forrest, said the priority access program was aimed at helping make home ownership a reality for more Victorians.
“The Priority Access program highlights the commitment of Development Victoria to provide more homes for purchase by moderate income earners at an affordable level,” Ms. Forrest said.
“This program creates a great opportunity to get into a new home.
“Melbourne’s south-east corridor is one of the city’s fastest-growing areas.
“Developments such as Coomoora will help to meet housing demands as this region’s population continues to grow and offer residents low maintenance townhouses with access to quality open space.”
Creation Homes director Tory Taouk said it was “great to see opportunities being created for Victorians to break into the housing market”.
“We’re particularly proud to be a part of a project that provides quality housing options to the community.”
More than 10 per cent or 4500sq m of the site has been set aside for open space.
Development Victoria will work with the City of Greater Dandenong to deliver and maintain these spaces.
Over coming years, Melbourne’s designated south-east growth corridor area is expected to become home to 230,000 people and provide for between 86,000 and 110,000 new jobs.
Nearby, Melbourne Racing Club is pushing ahead with plans for the $3.5 billion redevelopment of Sandown Racecourse, a major strategic urban renewal project.
It has submitted plans to rezone the historic racecourse for residential use.
If approved, the site’s rezoning would potentially enable the 112ha horse and motor-racing venue to be transformed into a 7500-home masterplanned estate.
Local developer Jinding recently wrapped up the sale of its $116 million Octave development at Junction Village in the city’s outer south east, comprising 321 lots with townhouses and about 21 per cent of the masterplan dedicated to parks and conservation.
The strong demand for housing in the growth corridor also is expected to underpin future large-scale retail and mixed-use development.
