Albury back on development high
Renewed confidence in Albury as the place to live and invest has been further boosted with the release of the latest AlburyCity development statistics.
AlburyCity approved 1093 development applications during 2013-14 worth $218.3M, a 15% increase on the previous year. The value of these developments was 44% higher than in 2012-13.
The residential building sector is leading the renewed activity, with 225 new dwellings and 75 units approved last year. The combined value of these developments is $81.3M. There were also 71 applications for commercial/mixed use premises, 31 for community facilities and 254 for alterations to dwellings, worth $92.8M.
Among the most significant developments approved were the Albury Wodonga Regional Integrated Cancer Centre, the new Ambulance Station in Lavington, student accommodation at Charles Sturt University, a number of new industrial warehouses and several new subdivisions.
Mayor, Kevin Mack says the latest figures are extremely encouraging and reinforce Albury as a vibrant city with a strong economy. "These figures are a big improvement on the 2012-13 figures and demonstrate renewed confidence by developers in planning and investing in Albury."
"We've seen a huge increase in new homes being built in the growth areas of Thurgoona, Hamilton Valley and Springdale Heights, many of these are second and third home owners as well as property investors who recognise Albury as a sound investment opportunity," Mayor Mack said.
"Albury is one of a number of NSW regional cities being targeted by metropolitan property investors who recognise value and demand in our local area".
During the past 12 months, 285 vacant lots were built on, which is 65% more than in 2012-13 and the highest since 2004-05.
Chair of AlburyCity's Planning and Development Committee, Daryl Betteridge says, "This is very exciting for Albury and highlights the significant growth and demand for residential blocks particularly in our newest subdivisions in and around Thurgoona".
"We don't see any sign of this demand slowing over the next 12 months and our development approvals support this trend with a number of new subdivisions expected to be released in coming months."
The latest development statistics and the Albury Land Monitor 2013-14 will be tabled at Monday Night's Planning and Development Committee meeting.