THE City of Melbourne last week said its latest Development Activity Monitor (DAM) report shows that residential development remains strong in Melbourne as the city continues to prosper.
The DAM tracks new commercial and residential property developments in the City of Melbourne, outlining which projects have recently been completed, are under construction, approved by Council or are proposed across the municipality.
Lord Mayor Robert Doyle said 5,150 new dwellings were completed in the city last year and another 17,000 residential dwellings are under construction.
"More and more people want to live in Melbourne, which is reflected in the record number of homes being built. The number of dwellings completed or in the pipeline is one of the highest we have recorded since the DAM began in 2002," Cr Doyle said.
"More than half of this development is in the Melbourne CBD, pointing to the demand from knowledge industry workers who want to live close to their workplace − the so-called '20-minute workers'."
"The City of Melbourne will continue to monitor the variety, quality and affordability in our housing stock as this boom continues. A further 34,000 residences already have town planning approval and applications have been lodged for another 22,000."
Highlights of the data include:
- Retail space completions were strong at 15,000 square metres, up from 10,000 square metres in 2015. As at 1 November, a further 35,000 square metres of space was under construction, 89,000 square metres was approved and applications for 48,000 square metres were awaiting approval. Most of the retail floor space in the pipeline is proposed as part of mixed-use development.
- The rate of office space development was slower than in 2015. From 1 January to 1 November 2016, 7000 square metres of office floor space was completed, compared with more than 150,000 square metres in 2015. A further 205,000 square metres of office space was under construction, 673,000 square metres had town planning approval, and applications for 158,000 square metres were awaiting approval.
- As at 1 November 2016, 1240 hotel rooms or serviced apartments were under construction, an additional 4700 rooms have town planning approval and there are applications for a further 2800.
- There were 2000 student beds under construction, 1640 with town planning approval and 3300 for which applications were submitted.