MELBOURNE’S property market is about to have one of its biggest shake-ups in a very long time.
The implementation of new development zones by metropolitan councils this month will change the urban landscape of our city as boundaries are set on where development can and can’t occur.
Matthew Guy, the Victorian Planning Minister, has described the new zones as a way of allowing development without risking suburbs with unique character. “By encouraging greater density in defined areas, including the central city, Fishermans Bend and other urban renewal precincts, we are able to protect quieter suburbs from overdevelopment,” he said.
There are also likely to be changes to the way the property market in these areas works.
Realestate has asked those on the coalface to explain what each of the new zones mean for you, the homeowner.