Latest data tells Melbourne’s economic success story
The City of Melbourne’s latest Development Activity Monitor supports the most recent data and reports from expert agencies that show Melbourne is surging on every economic indicator.
Lord Mayor Robert Doyle said the monitor estimates that 6000 residences will be completed this year, which is more than double the annual average of 2600 since the City of Melbourne began tracking this activity in 2002.
“The figures from the latest Development Activity Monitor data reinforce that Melbourne’s economic outlook is positive: there is great confidence in our city,” the Lord Mayor said.
“In addition to Melbourne’s swelling residential population, Knight Frank reports an increase of 18,000 white collar workers in the past five years in the CBD and a five per cent increase in Victorian retail sales in the past year.
“Savills mirrors this good news with their accounts of a 60 per cent increase in enquiries for leasing office space greater than 1000 sqm and surging international student numbers in Melbourne’s CBD.”
The Lord Mayor said a further 87 developments with the potential to deliver 19,000 dwellings have planning approval and a further 90 developments seeking approval could yield 23,500 new dwellings.
“The City of Melbourne is working hard to ensure we have diversity and quality in our housing stock and the infrastructure to meet the needs of our growing community,” the Lord Mayor said.
An analysis of residential dwellings in the active pipeline shows:
- less than one per cent will be studio apartments;
- 44 per cent will be one bedroom dwellings;
- 51 per cent will have two-bedroom and
- almost five per cent will have three or more bedrooms.
Councillor Ken Ong, Chair of Council’s Planning portfolio said hotel development in Melbourne is also booming, with 926 rooms under construction, 1859 rooms approved, and 3975 rooms awaiting approval.
“Victoria welcomed 2.1 million visitors in 2014 thanks to our world-class events calendar,” Cr Ong said.
“Hotel occupancy rates in Melbourne sit at around 87 per cent, which is at or above capacity and fuelling strong investment in the accommodation sector.
“The monitor shows 328,000 m2 of new office floor space is under construction, and a further 202,000 m2 with town planning approval is due to come onto the market.
“There is currently 28,000 m2 of retail floor space under construction, and much of this is from mixed-use residential developments with activated street frontages.”
Source: News Release, City of Melbourne, 16 July, 2015