Melbourne’s northern suburbs to gain over 300 new apartments
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The Victorian Government has approved a fast-tracked housing development in Coburg, set to deliver more than 300 new apartments.
Minister for Planning Sonya Kilkenny announced on July 23, 2024 that the $147 million project on Sydney Road will provide 326 build-to-rent-to-own apartments, including 195 affordable homes.
The development is part of the Labor Government’s Housing Statement, aimed at addressing rising demand for homes and rentals across the state.
Minister Kilkenny said: “This is exactly the kind of development we need to see more of โ affordable rental homes in areas where Victorians want to live close to transport, jobs and public services.”
The project will consist of two residential buildings, with 60 per cent of the apartments designated as affordable housing.
It will offer a mix of one, two and three-bedroom apartments, along with public open space, a cafe, office space, and parking and bicycle facilities.
The development’s location near Coburg Station, tram stops, supermarkets, schools, and parks aligns with the government’s goal to provide housing in established suburbs close to essential services.
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The build-to-rent-to-own model allows residents to lease a property for five years while saving to purchase the home, bridging the gap between renting and home ownership.
Minister Kilkenny made the announcement at another fast-tracked project in Brunswick, where 173 homes are under construction, with 70 per cent designated as affordable housing.
“With Melbourne’s population set to be the size of London by 2050, we’re pulling every lever we can to ensure we can get hundreds of new affordable homes for Victorians off the ground faster,” Minister Kilkenny added.
The Coburg development is part of the Victorian Government’s plan to enable the construction of 800,000 new homes over the next decade.
This initiative aims to provide more housing options in established areas, giving young people the opportunity to live near where they grew up and reducing growth pressure on Melbourne’s outer suburbs.