Lovely Banks and Batesford south have been flagged for future residential growth by planning minister Matthew Guy.
Mr Guy announced a 50,000 lot land supply target for Melbourne in 2014 to “boost confidence in the Victorian construction industry”.
Mr Guy said Geelong would also be a key focus of land supply actions in 2014.
“Beyond the 50,000 lots in Melbourne, we’ve already brought forward extra land supply in towns like Lara, with 4,000 lots recently rezoned.
“I look forward to releasing more land for future growth in Geelong’s Armstrong Creek corridor and to progress the future growth corridors of Lovely Banks and Batesford South.
“Geelong’s success is key to Victoria’s success and we will assist Mayor Darryn Lyons and the City of Greater Geelong in planning ahead responsibly.”
Mr Guy said the announcement would provide increased housing affordability through greater competition.
“More land supply will mean greater competition in the marketplace, driving lower lot prices for homebuyers,” Mr Guy said.
The Independent reported last month the Barwon region has the fifth most expensive land in Australia, according to Housing Industry Association (HIA) and RP Data figures.
The Residential Land Report listed local median land prices at $185,000, equal with New South Wales’ Hunter region and Mackay in Queensland.
That followed revelations by the Independent that an international land affordability survey rated Geelong property as less affordable than New York.
The 10th annual Demographia International Housing Affordability Survey ranked Geelong at 7.3 based on its median housing price of $405,000 and median household income of $55,700.
The survey said Geelong was among the world’s least-affordable housing markets because of “restrictive land use policies”.
