The changes are being made to tackle house affordability.
The Victorian government has rezoned industrial land in Melbourne’s north-west in a bid to solve the problem of house affordability.
The urban developer reported that the Planning Minister Richard Wynne announced changes to Melbourne Planning Scheme on Monday according to which, the rezoning will create a new suburb of Macaulay and will make way for 10,000 new residents.
“We’re building a flagship new community, protecting local character, making homes more affordable and giving more Victorians a chance to work close to where they live,” he said.
The suburb will benefit from close proximity to the future Arden urban renewal area and station, one of the five new underground stations being built as part of the Metro Tunnel.
It is believed that the new development will bring in millions of dollars’ worth of investment and will make homes more affordable.
For every dwelling, the landowners and developers will have to give $16,000 to the Victorian government. The interim contribution rates paid by developers and landowners are $16,127 per dwelling, $182.58 per square metre of new commercial floor area and $152.15 per square metre of new retail floor area.
It is expected that the suburb will have 10,000 residents and 9,500 jobs by 2051.