MELBOURNE'S record breaking levels of residential development continue, according to the City of Melbourne's latest Development Activity Monitor (DAM) report.
The Development Activity Monitor report includes details of current development activity in the City of Melbourne, including projects that have town planning approval, are awaiting approval, are under construction or have been completed.
Lord Mayor Robert Doyle said there were 20,000 residential dwellings, 790 student accommodation beds and 1080 hotels and serviced apartments under construction as at May this year.
"These levels of construction are the strongest since the City of Melbourne began collecting this data in 2002," the Lord Mayor said in a statement last week, adding that more than half of the dwellings currently under construction are in the central city.
"Cranes will continue to illuminate our skyline with planning approval secured for another 31,000 residential dwellings and applications lodged for a further 25,000 across the municipality," Cr Doyle said.
According to the council, highlights of the report include:
- Retail development grew with 12,700 square metres of space completed in 2016 to May. A further 36,000 square metres of retail space is under construction, 75,000 square metres is awaiting planning approval and 58,600 square metres has applied for approval. Retail development in 2016 to May exceeds total floor space completions in the full year of 2015, largely because of the recent completion of St Collins Lane.
- The rate of office space development is slower than 2015. From January to May this year, 5700 square metres of office floor space has been completed compared to more than 150,000 square metres for full year of 2015. There was a further 206,000 square metres of office space under construction, 645,000 square metres with town planning approval and 102,000 square metres that had applied for approval.
- 1,080 hotel rooms or serviced apartments are under construction, an additional 5000 rooms have town planning approval and there are applications for a further 3500.
- There are 790 student beds under construction, 1840 with town planning approval and 2700 have applied for town planning approval.
More information is available from the City of Melbourne website at < https://data.melbourne.vic.gov.au/Property-Planning/Development-Activity-Monitor/gh7s-qda8?>.