The ACT government is increasing the amount of residential land it has ready for estate development and land release.
Chief minister Jon Stanhope said the government was investing an additional $1.45m this year and $370,000 in 2008–09, on top of the original 2007–08 budget funds, towards planning and infrastructure studies for additional residential land supply to the Land Development Agency.
“The funding will be used to maintain the five-year supply of planning ready land, which is equivalent to about 11,000 lots, to the Land Development Agency, to be developed as needed,” Stanhope said.
The extra housing blocks from the new funds will be in the new Gungahlin
suburb of Moncrieff, and in the ACT government-owned part of the Belconnen
suburb of Lawson. Investigations for additional infrastructure works in Molonglo and East Lake will also be commenced with these funds.
“These studies will… ensure that the first land release for Molonglo is on track to occur in 2008–09, with East Lake to come to the market after that.”
Stanhope said that planning and infrastructure investigations were also continuing in Gungahlin for the suburbs of Jacka and Kenny, the Flemington Road corridor and the remaining part of Ngunnawal
“Land releases in these new areas will include a mandatory supply of house and land packages in the $200,000 to $300,000 range, as well as the option for compact housing on blocks of less than 150m2 worth $60,000 to $120,000, which will increase affordable housing options,” Stanhope said.
“Under the new planning system next year, new homes in new estates will also be exempt from development approval if certain requirements are met, which will put extra dollars in homeowners’ pockets.”
Do you have more than $200k in your super fund? You could use your super to buy property - Find out how
Top Suburbs :
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus and appointment is free.
We value your privacy and treat all your information seriously - you can check out