Following on from yesterday's article highlighting Melbourne's surging apartment approvals, City of Melbourne rounded out 2014 by releasing their most recent Development Activity Monitor, which tracks new residential and commercial property development within the City of Melbourne municipality. Covering the 13 separate suburbs which constitute City of Melbourne, the data set released on Thursday December 18 has again highlighted the pace at which Melbourne continues to grow.
This boom in development and construction boosts employment and the economy. An additional 76,000 jobs have been generated in the City of Melbourne in the past six years and our Gross Local Product has increased by $20 billion.
As the fastest-growing municipality in Australia, we welcomed an additional 11,000 Melburnians in 2013 so it’s no surprise that residential development continues to flourish.Lord Mayor Robert Doyle
The City of Melbourne is working hard to plan for growth by ensuring we have diversity and quality in our housing stock, as well as infrastructure to meet the needs of a growing community.Councillor Ken Ong, Chair of Council’s Planning portfolio
Further research of the Development Activity Monitor shows that by assessing those projects expected to begin construction within a five year time frame, trends can be determined as to where the bulk of City of Melbourne's residential growth will occur.
Melbourne's CBD is still a hot bed of activity with 17,456 apartments expected to be delivered within a five year timeframe, followed by Southbank with 8,071. Docklands still has plenty of steam even though it's past the half way mark with 5,509 dwellings yet to be built whilst Port Melbourne can expect 3,630 as part of City of Melbourne's boundary incorporates Fishermans Bend; Port Melbourne figures should rise progressively in future Development Activity Monitor releases.
Carlton can expect a further 2,163 apartments in the pipeline whilst North and West Melbourne combined will see 3,750, a number also expected to increase comfortably into the future. Overall City of Melbourne's Development Activity Monitor as of late 2014 expects another 41,717 apartments to be delivered under its watch over the next five years.