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Lots of lots to drive demand

Thursday 7 November 2019
A new report has confirmed that Albury’s residential sector is primed for more growth, with the number of vacant lots produced for housing development reaching a record high.

The 2019 annual Albury Development Monitor, produced by our Planning Department, has shown 345 new vacant lots were produced in 2018-2019 – a healthy increase of 37 per cent, or 94 lots, over the previous year.

In fact, it’s the highest number of new lots produced since Development Monitor records began in 2004 and 100 lots more than the ten-year average of 245 per year.

Not surprisingly, almost three quarters of those new lots were produced in the Thurgoona-Wirlinga growth area, largely in the new estates of Brooklyn Fields (99 lots) and Chisholm Park (40).

In 2018-2019, 223 lots were ‘consumed’ – or taken up for development – which was more than last year but below the ten-year average, which confirms the city has plenty of vacant housing blocks ready to meet market expectations.

The Development Monitor has also shown that the median sale price for vacant residential land was $145,000. That’s an increase of 1.75 per cent over the previous year, showing the production of new housing sites is underpinned by steady market demand for new housing in our growing city. And in an interesting pointer towards the style of housing some in our community are favouring, there’s been a trend towards larger lot sizes which could be reflected in the development of larger-lot subdivisions such as Ettamogah Rise and estates on Kerr Road.

On the subject of larger lots, the report has also found there’s solid demand for ‘rural residential’ blocks, with 119 such sites taken up since 2010.

In the commercial and industrial sector, the report has shown the city is well placed to meet demand, with more than 20 years’ supply of land available for development, mainly at Airside North and our new industry hub, Nexus.

In financial terms, the Development Monitor shows this land development is a major driver of our economy.  In the past five years, more than $932M was invested in construction projects across the city, with three-quarters of that figure related to residential development.

All of this data backs our long term expectations for growth. We expect 6,116 new dwellings to be built between 2016 and 2036, an average of 306 new homes every year for 20 years to house a projected population increase of 15,262.

The report reinforces our key narratives of ‘People, Place and Progress’ – supporting the people of our community to achieve their hopes and ambitions, taking care of our ‘place’ in an environmentally sustainable way, and empowering progress so that our city can continue to grow and thrive.

Examples of how these principles are being put into practice can be seen across the city, but perhaps most noticeably in the Thurgoona-Wirlinga growth area, where we are working other agencies and the community to develop infrastructure, protect and enhance the environment and empower local families to make their housing and lifestyle dreams come true in Albury.

The confirmation in the Development Monitor that the foundations for growth are in place provides valuable impetus to the work we’re doing with industry and the community to ensure land and opportunities to house and employ our new residents will be available as the city expands towards Albury 2030 and beyond.

We’re looking forward to planning and delivering sustainable, structured advancement for Albury and as we take that journey together, we’ll continue to keep you updated on progress as we work together for a vibrant future for families, businesses and visitors to our growing city.