Capitalising on the Demand for Land
20 November 2017
Albury is well placed to capitalise on housing and business growth, thanks to the availability of vacant land to meet market demands, according to the latest release of the Albury Development Monitor.
In the past financial year, 380 new homes were built across Albury, which was a decrease from the previous year, but above the long-term average. About one fifth of those new homes were dual occupancy or multi-dwelling developments, showing a continued demand for smaller lots.
Confirming Thurgoona as the city’s key growth corridor, by the end of June 2017, almost 60 per cent of the vacant lots acquired were located in the suburb.
The median price of vacant land across the city was an affordable $140,000. This figure is more than 50% cheaper than vacant residential land in Melbourne ($256,683 - June 2017) and Sydney median prices have reached a record high of $1,051 per square metre.
Importantly, the monitor reveals sufficient land is available across different land categories enabling rural-residential, commercial and industrial development across the city. This knowledge enables council to adequately plan for infrastructure development and make the correct zoning and development decisions, to ensure that demand can continue to be met.
From 2011 to 2036, there will be a need for 7,443 new dwellings in Albury. On average, this will require the construction of around 300 new homes every year for the next 25 years, to cater for a forecast population increase of 17,378 new residents.
The good news is that Albury has more than 50 years’ supply of zoned residential land available at Thurgoona-Wirlinga and Hamilton Valley. Through careful planning, council and the private sector will work together to provide the services required by residents in Albury’s development corridors, ensuring vibrant, connected communities are created.
The Albury Development Monitor 2016-2017 will be considered by Council on 27 November 2017 for final endorsement.