As Australia’s fastest-growing city, the Bureau of Statistics projects that by 2051 Melbourne’s population could double to nearly 7.7 million, requiring construction of up to 1.6 million new homes- including 480,000 apartments. This presents significant opportunities for Victoria’s economy and the building and construction industry – but it also highlights the substantial challenges that need to be addressed.
For the Victorian economy to continue to prosper and embrace the forecast growth, Master Builders has identified eight key areas of reform in our 2016-17 Priorities document.
Residential building approvals in regional Victoria..
It appears a lack of affordable housing in Melbourne is the key driver for venturing to regional Victoria seek more affordable.
Apartments and units driving decline in housing approvals..
The latest building approvals data for Victoria has been released, showing an overall decline in approvals, with apartments/units.