City of Melbourne releases latest Development Activity Monitor
The City of Melbourne last week said that more than 1,420 serviced apartments or hotel rooms are under construction in inner Melbourne as the city’s reputation as a tourism destination continues to grow.
Lord Mayor Robert Doyle said an additional 3,270 commercial dwellings have town planning approval across the City of Melbourne, according to Council’s November 2015 Development Activity Monitor (DAM).
“Demand for more and diverse accommodation options in Melbourne continues to surge, particularly from overseas visitors,” the Lord Mayor said.
“The market is responding through the construction of well designed, well built and centrally located hotels and serviced accommodation.
“Melbourne’s construction industry continues to defy residential construction activity expectations.”
The latest DAM also highlights the ongoing residential boom across the municipality.
Up to 20,000 residential dwellings are under construction, while a further 19,000 dwellings have been approved and are ready to be built pending presales. An additional 30,000 dwellings await town planning assessment.
The DAM is released twice a year. It provides a picture of the current development activity in the City of Melbourne, including developments that have town planning approval, are awaiting town planning approval, are under construction or have been completed.
According to the City of Melbourne, analysis of DAM data also revealed:
- Completion of almost 100,000 square metres of office floorspace in 2015, which is in line with average additions during the past five years;
- An additional 250,000 square metres of office floorspace under construction;
- A moderate downturn in building completions, from 6,900 in 2014 to 4,500 in 2015 due to a number of larger and more projects under development across the municipality;
- More than half (52 per cent) of dwellings under construction or approved are two bedroom; 43 per cent are one bedroom; five per cent are three bedrooms or more and 0.5 per cent are studios; and
- Completion of 470 student apartments in 2015, with several significant developments to come.
Source: News Release, Victorian Government, 14 March, 2016