THE City of Melbourne last week said the latest data from its Development Activity Monitor has shown Melbourne's residential apartment stock has experienced unprecedented growth, with 2,800 new dwellings built so far this year.
According to the council, it is expected that 5,800 residences – mostly one and two bedroom apartments – are likely to be built by the end of the year. The average over the last decade has been 2,100 apartments per annum.
Deputy Chair of Planning, Stephen Mayne, said it was the largest number of apartments built in a single year since the City of Melbourne started tracking development activity in 2002.
"We have known for some time that inner Melbourne is booming. The City of Melbourne is working hard to ensure that with this growth, we have diversity and quality in our housing stock as well as infrastructure to meet the needs of a growing community," Cr Mayne said.
"We have recently released a Draft Housing Strategy, which is one example of how we are working to maintain a good standard of living for future generations."
The Development Activity Monitor is released twice a year. According to the council, key results of the May 2014 monitor include:
- There are 44 residential developments currently under construction which are anticipated to result in 9,666 new properties by the end of 2017;
- There are an additional 99 developments with planning approval yet to commence construction. If these all proceed they could result in 18,737 new dwellings.
- Analysis of the number of bedrooms show that one per cent of new dwellings are designed to be studio apartments, 44 per cent to be one bedroom dwellings, 51 per cent two bedrooms and four per cent to have three or more bedrooms; and
- A further 48 developments are currently seeking planning permits which, if approved, could add an additional 23,216 dwellings for construction to commence in three to five years.
"We don't know how long this increase of supply will be sustained, or how many of the proposed developments will proceed. What this research does is show us what Melbourne could look like in the next decade," Cr Mayne said.
The Development Activity Monitor also forecasts that by the end of 2014, 51,622 square metres of retail floor space is likely to have been completed, much of which is accounted for in the recently completed Emporium development. There is currently 23,362 square metres of retail space under construction and 35,776 square metres is expected to commence construction in the next two years.
There was 346,797 square metres of new office space under construction in May. Around 228,999 square metres has planning approval and is expected to commence construction in the next two years.
More information about the Development Activity Monitor is available from the City of Melbourne website at <http://www.melbourne.vic.gov.au/enterprisemelbourne/Tools/publications/Pages/DevelopmentMonitor.aspx>.