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10 Melbourne suburbs have been named for high-density development, intercity migration has cooled to pre-pandemic levels, and Australian auction volumes are on the up.
Welcome to Property Buzz! I’m Orana Durney-Benson. Today is Saturday, the 24th of August, and the Victorian government will fast-track high density development in 10 major Melbourne suburbs as part of its Activity Centres program.
– The 10 suburbs are: Broadmeadows, Camberwell Junction, Chadstone, Epping, Frankston, Moorabbin, Niddrie, North Essendon, Preston and Ringwood.
– In some of these suburbs, the planning process will be fast tracked from five years to just 12 months – a massive increase in speed and efficiency.
– New height rules will allow taller buildings and larger developments in these key commercial centres, and the 10-minute walking radius around the centres will be zoned for medium density.
– Stay tuned for more to come as the government kicks off consultations with local communities.
Meanwhile, Australia’s capital cities are seeing a softening in interstate migration.
– For the first time since the COVID pandemic, Melbourne has seen a net increase in intercity migration with a rise in arrivals and a decrease in departures over 2024.
– Up in Brisbane, migration is declining due to rising house prices and the tight cost of living, although the city remains Australia’s second most popular destination for interstate movers.
– Sydney has experienced a moderate increase in arrivals but a larger resident exodus, resulting in net negative migration in the first half of 2024.
– And despite having the highest positive net migration, interest in Perth is declining due to the city’s incredibly steep rental increases.
And this week, the warm weather has been making itself felt in the auction market with this weekend expected to see another rise in auction numbers.
– Across the country, 2,124 homes have been scheduled for auction for this week.
– Melbourne and Sydney will have the busiest auction markets with 900 and 860 properties up for auction respectively, marking an increase from the previous week.
– The smaller capital cities of Adelaide, Brisbane, Canberra, and Perth are seeing a decrease in auction volumes, with Tasmania holding steady at one auction.
That’s it for today.
See you again on Tuesday, the 27th of August, for your daily dose of Property Buzz.
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