Future planning to replicate New York
Forty delegates from Australia’s property industry recently travelled to New York to study how urban renewal can accommodate Australia’s soaring population. It is safe to say, that many are looking at cities such as New York and are predicting the Melbourne landscape to be relatively similar. The desirability to live in such cities is going to continue to grow, therefore increasing the demand on the property market.
“Part of the reason for coming over here is to peer into the future and look at how these cities handle growth and how they transform big chunks of their city and mix private profit and public benefit,” Ken Morrison, chief executive of the Property Council of Australia told Domain in New York.
Fishermans Bend is creating new and exciting market opportunities for home-owners and investors. The urban renewal project is going to be the biggest nation wide. To maximise Fishermans Bend full potential, meticulous planning by developers, councils and governments have taken way. The benchmark has been set to reach international standards as renowned as Manhattan.
Affordable housing has been known to be located on the outskirts of cities generally due to poor planning. The Fishermans Bend precinct is changing the affordability of property that’s closely located to the CBD. It’s offering the chance for individuals to break into the market in a location that is not only central, but also financially feasible.
Failing to increase density in Australia’s leading cities by 2050 could see metropolitan areas such as Melbourne head for disaster. Melbourne alone is predicted to grow to a population of 8 million in the next thirty years. New age developments are taking place which better utilise space. Forward thinking and planning is crucial to the success of catering to larger populations.
The new home-owners dream
There is ongoing education and discussions about how an enjoyable suburban lifestyle doesn’t always equate to a quarter-acre block. The mentality for many Australians is larger block for larger lifestyle. However, the realities are that the amenities are generally closer to the inner city areas. Essentially, home owners will have to decide what lifestyle they prefer and to which areas best cater for those desires.
“In Australian cities, it will be horses for courses. There will be some people who want to still continue to live in a quarter-acre block of land. That’s fine and there will still be plenty of that, but increasingly a lot of Australians will want to buy into a new lifestyle and a new Aussie dream.” Says Mr Morrison.
New York is currently underway on a massive urban renewal project worth $27.5 billion. This current development is converting old industrial areas and rail yards into new thriving precincts. The onlooking from Australia will further educate how to successfully execute large scale re-developments.
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