For the first time we have a clear numerical target to work towards, and an acknowledgement of the incredible difficulties faced in obtaining #planning approvals for key projects.
80,000 p.a. is a huge stretch given past performance, but the #development industry is here to do our part if provided the opportunity (and given we’ll still need to deliver circa 96% of new dwelling supply).
As always, the devil will be in the detail of how these proposed changes work. Several critical things that we are yet to know: – the definition of “affordable housing” to meet the 10% fast-track criteria (and will it be “in-perpetuity”?)
– how will streamlined planning work with subdivisions vs apartments vs townhouses, noting each typology has fundamentally different economics?
– what do the “pre-planned” building designs look like?
– what additional apartment “quality” measures will need to be met, vis a vis BADS v2?
– where do we find the extra planners for the Facilitation Task Force and what will their KPIs be?
– are projects that don’t commit to affordable housing left high and dry in the current system? At this point we need to be ensuring every type of development can be focused on delivering supply across the spectrum.
– when will the Planning Act review be implemented?
Further, we can’t ignore the fundamental #economics of up vs out. Cost is the primary reason that so few family-sized #apartments are built in infill developments, and unless this can be addressed (a monumental challenge), we will fall well short of meeting the targets.
I’m approaching this announcement with some optimism, as the start of a series of potentially significant improvements to help unlock housing supply for all Victorians.