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.”