More positives than negatives ahead for Melbourne greenfield market.
New research presented to 350+ UDIA Victoria members this week at our final 2020 greenfield market update event, tells an encouraging story for Melbourne’s land market in the wake of COVID-19.
Director of Research4 Colin Keane explained that despite concerns that travel restrictions will significantly reduce population growth and subsequent demand for housing, several factors indicate net overseas migration in particular is being deferred rather than abandoned.
240,000 overseas student enrolments were received in the year to August 2020, which is only 30,000 less than the previous year, and Australia is still receiving similar levels of applications for permanent residency. Further, Australia’s brand has been strengthened internationally due to our success in suppressing COVID-19.
Additionally, the fact that Melbourne couldn’t take full advantage of the HomeBuilder stimulus means the market didn’t see a huge pulling forward of demand, which means we’re less likely to suffer the vacuum effect where demand drops away with HomeBuilder.
Confidence in the road to COVID Normal.
Sunday’s announcement from the Premier has given confidence to Victorians that this state is well on the road to reopening under COVID Normal circumstances; a road that is anticipated to carry us forward until a COVID-19 vaccine is available.
Daniel Andrews announced the alignment of metro Melbourne and regional restrictions, most notably:
- Removal of the boundary between Melbourne and regional Victoria.
- Removal of the 25-kilometre limit.
- Real estate inspections can increase limit to 10 people from any number of households, excluding the owners/residents of the property and the real estate agent.
- The State of Disaster will not be renewed. But the State of Emergency will be extended until 6 December to allow the Chief Health Officer’s directions to remain in force.
- Mandatory mask-wearing remains.
As part of the last step to COVID Normal, due to come into effect state-wide 11.59pm 22 November:
- Indoor auctions will be permitted subject to density quotient of 1 per 4m2 up to a maximum of 20 people.
- Outdoor auction limits will increase allowing up to 50 people from any number of households, excluding infants under 12 months.
We welcome this vote of confidence in our incredible state-wide effort to defeat Victoria’s second wave and commend our industry on being pro-active, collaborative and co-operative participants in reaching this important milestone.
Submission: Meaning of Land Development Draft Ruling.
UDIA Victoria has lodged a detailed submission on the State Revenue Office (SRO)’s draft ruling on the meaning of land development.
In our submission, we provide technical input and advice on the land development process, and assert that the current draft does not adequately reflect the practical nature and process of land development. We have recommended that further advice must be obtained by the SRO to inform the final ruling.
Last chance to have your say: ESC greenfield connections survey.
In an advocacy win, the ESC has released its timely connections decision, increasing requirements for distribution businesses (DBs) connecting power to greenfield developments to improve efficiency and timeliness.
DBs will be required to establish a customer service standard setting out what they expect to deliver over the next two years in relation to negotiated connections.
To assist the DBs develop their standards, the ESC is asking you about your experiences in undertaking electricity connections in greenfield areas. The survey is anonymous and the ESC will de-identify responses before forwarding to the appropriate distribution business.
The survey closes TODAY at 5.00 pm, 13 November 2020.
LIVE VIRTUAL EVENT.
Date: Wednesday 25 November
Post-COVID: The entire narrative of city life is shifting.
Hear from expert Bernard Salt AOM – Columnist, Social Commentator and Managing Director of The Demographics Group as he covers the immense opportunities our industry should be aware of in this new post-pandemic world.
Bring your team together for an overdue catch up and a good cause.
The Property Industry Foundation (PIF) is making it easy for you to bring your team, friends or family together for a long overdue catch-up and a good cause.
On December 3, PIF is delivering a special virtual end-of-year fundraising event where all of us can help us make a difference to homeless youth in Melbourne, Brisbane and Sydney.
What happens on the night of Thursday 3 December:
- You sign in to the event from your office with your team, or perhaps from your home with friends and family. You cater your ‘pledge party’ with some champagne and nibbles to get into the festive and giving spirit.
- Three amazing projects that PIF will build in 2021 will be showcased. Each charity partner will speak about their programs and the difference a home or project built by us will make in young peoples’ lives.
- When the charities finish speaking the pledging can begin – we are expecting to see some competition across the industry between the different states! You can challenge others that are in the virtual room (list of attendees will be circulated prior).
Let’s show each other and the world that we care about helping young people out of homelessness.