A RECORD $38 billion in building works were approved across Victoria in the past financial year.
New figures released by the Victorian Building Authority reveal a record 114,800 building permits were issued across the state in the 12 months to June 30.
It broke the record set in the 2009-10 financial year when 113,669 permits were issued, while the $38.4 billion value of works trumped the $32.8 billion recorded in the 2016-2017 period. The figures cover everything from houses to hospitals, as well as backyard pergolas and sheds.
Houses accounted for $19.8 billion of the permit values.
Melbourne City Council was home to almost $5.7 billion of the permits — soaring from just under $4 billion in the previous financial year. But it was the City of Wyndham in the city’s west where the most permits were issued, with 7231 projects expected to cost about $2.3 billion.
The figures are a further nod to Victoria’s broader economy, which NAB Group Chief Economist Alan Oster described as one of the nation’s best at present.
However, after a lengthy period as a major contributor, the building industry was believed to be heading to a peak, Mr Oster said.
“It’s very strong, but we think it’s getting close to the peak,” he said.
Originally published as Melbourne sets new building record.
New Suburb Weir Views Affordable Housing Lots
BUYERS will be able to snare a piece of one of Melbourne’s newest suburbs for as little as $155,000.
EIG Developments has announced it will transform more than 57ha of dormant land in Weir Views into almost 600 affordable housing lots, a $45 million shopping precinct, and sports grounds.
A government school has also been proposed for the site — formerly part of Melton South — for “well into the future”. the “growth corridor” between Melton and Caroline Springs.
The ‘Opalia’ development would have an end value of about $200 million and form “the heart of Weir Views and a contemporary anchor for Melton”, EIG chief executive George Georgiou said.
Other new suburbs being developed in the vicinity are Harkness, Cobblebank, Strathtulloh, Thornhill Park, Grangefields, Bonnie Brook, Aintree, Fieldstone, Fraser Rise and Deanside.
Taken from realestate.com.au