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“The success of the initiative will be dictated by the market”: ABL responds to Victorian Housing Statement

Property & Development
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In today’s AFR, senior associate Lucy Eastoe provides context to elements of the package announced yesterday by Premier Daniel Andrews, explaining that much of the detail around implementation of the state’s push to boost housing development was yet to be outlined.

“The definition of affordable housing is broad, encompassing both social housing and housing that’s accessible to buyers with particular income levels,” she said. “The success of the initiative will ultimately be dictated by the market, and the ability to achieve permissions within a four-month period may very well entice some sectors of the development community.”

Providing further commentary in a bulletin to clients, Lucy advises that, with many of the details yet to be decided and/or announced, implementation of the plan to facilitate the development of 8000,000 homes across the state will require amending Victoria Planning Provisions and many local Planning Schemes – the first, approved this afternoon, being Amendment VC242.

To read Lucy’s bulletin to clients, click here.

To read the article in the AFR, click here.

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