ABS Confirms Victoria’s Strong Housing Market Under Labor Government

The ABS has reported a boost in building approvals for July, which is further evidence that Victoria is growing under the Andrews Labor Government’s dedication to jobs, infrastructure and investment.

Seasonally-adjusted Australian Bureau of Statistics (ABS) figures released on Tuesday show new home approvals are up 8.3 per cent in Victoria, and Melbourne’s apartment approvals continue to be among the best performing in the country.

The boost in approval figures released by the ABS on Tuesday have been driven by the $3.5 billion worth of investment approved by the Minister for Planning Richard Wynne.

Under the Labor Government, 19 high-rise inner-city towers have been approved, which include almost 5800 apartments and more than 1000 hotel rooms.

The Government is committed to creating jobs and building major infrastructure projects, such as the $11 billion Melbourne Metro Rail project, which will ensure Victoria’s economy continues to grow.

The Government is working to ensure that long-term plans are in place to plan for growth, enhance liveability and ensure access to jobs across Victoria.

Mr Wynne has announced detailed neighbourhood planning for Fishermans Bend as part of the Government’s push to develop more than 640 hectares, which will allow more people to live closer to the CBD.

At the same time, work is underway on more precinct structure plans for the growth areas, including the 8000-dwelling suburb of Rockbank which Mr Wynne announced on Friday.

Providing for a range of dwelling types, from big family blocks to townhouses and apartments, boosts housing supply options to improve affordability.

The Government has also recently announced the Geelong Authority to streamline urban renewal in our state’s second city, and a review of farming laws so our food providers can have faith in the planning process.

Quotes attributable to Minister for Planning Richard Wynne

“The ABS figures today show our property market is strong to the core, with Standard and Poor’s also recently confirming Victoria’s AAA credit rating and strong financial management.”

“Our planning approach is providing predictability, simplicity and long-term thinking, which is helping to keep the housing market positive.”

“Under the Andrews Labor Government, Victoria is a strong place for businesses and people to invest. We’re getting on with creating jobs and building the infrastructure our state needs.”

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