Bigger isn’t always better. The Victorian Government has listened to the Flemington community, and decided to deliver new housing projects that won’t just boost local real estate – they’re doing so without impacting a local icon.
Richard Wynne, Minister for Planning, announced on February 18 that the two residential precincts, pencilled in to go right next to the Flemington Racecourse, will be no higher than 10 storeys. This comes after an advisory panel recommended they be a maximum of 14 storeys.
“This achieves a balance that recognises the need to keep pace with a growing population, but not at the expense of Flemington’s appeal and amenity,” Mr Wynne said. Now that the reduced height has been decided on, a housing boom for Flemington property can begin.
Details of the development
The Flemington Green precinct is still in the planning stages, but this is a big step forward which will increase the stock of affordable housing in this great suburb. It’s the kind of thing that promotes further growth in neighbouring spots like Kensington and Ascot Vale as well.
It will contain a maximum of 520 new homes, with parking availability and minimum apartment sizes to have an impact on the final number of properties made available. At least five per cent of the properties must be made available at affordable price levels, giving those struggling to buy in Melbourne’s best suburbs a great window of opportunity.
An increase in housing supply for any part of the city is going to have good flow-on effects for its suburb as well. The allocation of mixed-use development means new local businesses can open up shop, while matching supply to demand helps to keep the market balanced overall.
Who is the Flemington property development for?
Flemington is a great place for families and investors alike
According to Danny Pearson, local member for Essendon, this Flemington development will be a huge win for the community and growing families looking to find real estate around the suburb. With decent growth prospects for both houses and units, it’s more than just housing, it can also provide the foundation of a strong investment.
Sitting close to the city, littered with public transport links and near public amenities like the Melbourne Zoo, Flemington is a great place for families and investors alike. If you can’t wait for the development and want to check out the suburb now, get in touch with the team at Nelson Alexander.