Land bid to boost supply, slash costs

Jessica Benton
Combining simultaneous releases of new estates with streamlined planning processes is the key to affordable housing in Geelong’s Armstrong Creek growth area, according to Australia’s peak lobby group for developers.
Urban Development Institute of Australia executive director Tony De Domeneco said the resultant balance of increased supply of land with decreased costs for developers should keep prices down.
“I think it’s a good idea,” he said.
“There’s certainly a lack of land supply in Geelong and something needs to be done if Geelong is going to be in the competition for urban growth.
“If supply comes up to meet demand, affordability is probably going to get a lot better.”
Last week’s Independent reported that a forum in Geelong next week would bring MPs, mayors, council staff and developers together to develop an affordable housing strategy.
The forum would investigate ways of cutting red tape while tapping into Federal Govern-ment’s $500 Affordable Housing Fund.
The Armstrong Creek area, earmarked to supply enough land for around 60,000 new residents, would be a focus of the forum.
A spokesperson for Corang-amite MP Darren Cheeseman said the forum could consider encouraging simultaneous land releases to boost supply and stimulate competition between developers.
The forum could also discuss development of faster planning processes to benefit the developers with lower holding costs, the spokesperson said.
The increased supply and competition with lower costs for developers should lead to cheaper prices for buyers, the spokesperson said.
Mr De Domeneco was not worried that altering planning processes and setting agreements with developers to release land simultaneously could in fact increase government regulation.
“We need less regulation and land supply to come onto the market quicker than it is,” he said.
Mr De Domeneco said strategies to cater for increasing populations in growth areas like Armstrong Creek also needed to look further than just land supply and planning pro-cesses.
Infrastructure and public transport were also keys to successful urban growth, he said.