Is there a gold mine in your backyard?
In amongst the numerous announcements that came from the State Government this week regarding different methods of addressing the current housing shortage in Victoria, it was interesting that the Premier mentioned new measures to make the process of subdividing residential blocks easier.
The aim of this new policy direction is to make it easier for homeowners to build two homes on what is currently a single allotment, enabling the creation of more units and townhouses and for that process to be achieved than it currently is.
The Government announced a review into Victoria’s planning and building processes, with the stated aim of streamlining the system and increasing incentives for property owners to create more housing opportunities across our existing suburbs.
Those readers with long memories will remember that the current system, which requires the often lengthy process of obtaining a planning permit from the Council before building a second dwelling, was introduced around 20 years ago. This week’s announcement is expected to result in a fast-tracked process that could take as little as a few weeks to complete, with the possibility of some planning permit exemptions or even scrapping the need for a planning permit at all.
This option will certainly have some appeal for homebuyers who may not be keen to take up the option of buying an apartment, as has been mentioned regularly in the coverage this week.
It will also be positive news for all those homeowners in suburbs like our local area who own larger allotments where there is clearly room for a second dwelling to be built behind the existing home. You can only wonder how many local residents will now be looking out their back windows pondering future financial gains.
Keep in mind, of course, that the potential to redevelop or subdivide an existing block has always an attraction in this area, as we saw in our recent sale of a corner block on Spring Street in Thomastown (pictured).
The review of the planning process is not expected to deliver any concrete recommendations until early next year, but that doesn’t mean you can’t start looking at the possibilities in the meantime.
So if you’d like an obligation-free chat with a local real estate expert to consider the possibilities, don’t hesitate to give us a call this week at Barry Plant Thomastown on 9466 3233.
We’d be more than happy to help.
Cheers,
Con Constantinou
Barry Plant Thomastown