The Victorian Government has announced a new regional housing project for the Great South Coast, as a means to address workforce shortages across the state.
According to the latest figures released from the Australian Bureau of Statistics in March 2021, Melbournians left their beloved city in droves. One of the world’s longest lockdowns is believed to have inspired many to make a treechange, with over 22,000 Melbournians relocating to regional Victoria since the start of the pandemic.
While the pandemic has resulted in unprecedented numbers of people moving from metropolitan Melbourne to regional and rural Victoria, it’s also brought forward unexpected demand on the already tight housing market in many of these smaller communities. Some areas have reported that a shortage of rental stock availability is exacerbating workforce shortages, with the Victorian state government now making moves to fulfil its commitment to improving housing opportunities across the state.
Residential Development En Route For The Great South Coast
The Victorian Government has begun to lay the groundwork for more housing along the Great South Coast as part of its commitment to address workforce shortages across the state, and recently announced a new $2 million dollar regional housing project for the Corangamite Shire towns of Timboon and Simpson.
As per a statement released by the office of Victorian Premier Daniel Andrews, the investment is intended to develop one hundred and forty residential blocks as a means to help alleviate housing shortages faced by residents and seasonal workers alike. With the funds granted through the regional housing project, Corangamite Shire Council is expected to enable the local body to “provide essential infrastructure” to each site, including water, power, telecommunications, footpaths, sewage connections and drainage.
The funding is a part of the $5 million dollar Regional Workforce Pilots program, designed to provide localised solutions in four areas of regional Victoria experiencing high demand for workers and increasing challenges in attracting them. Pilots will be in the region surrounding Ararat in the Grampians, along the Great South Coast, in the High Country and at Robinvale in northern Victoria.
Along Victoria’s Great South Coast, high tourism demand and migrants from the state’s capital have made it challenging for local workers to afford accommodation, impacting businesses who are in turn unable to obtain workers. As a part of the $2 million localised regional housing project for this area of the state, support will be provided to rezone and prepare land for future housing development at Timboon and Simpson.
The Regional Workforce Pilots are part of the Victorian state government’s almost $30 billion investment in regional and rural Victoria since 2015. The pilots and regional housing initiatives build on the Labor government’s historic $5.3 billion Big Housing Build to construct more than 12,000 new secure and modern, social and affordable homes throughout the state, with $1.25 billion being invested in regional Victoria so far.
For Victorians on the hunt to purchase their first home outside of the inner city, opting for a property in rural parts of the state provides a significantly more affordable alternative. However, it’s important to understand what the process involves, and finding the right advice the first time can be a gamechanger.
How To Streamline Your First Property Purchase
The big attraction of buying your own home is just that – it’s yours, once you’ve paid back the banks of course. However, first home buyers don’t have it easy, which is why we’ve compiled our very own in depth First Home Buyers Guide. This resource is completely free to download, and can be a game changer when it comes to ensuring that you’re up to speed on how to get into your first home faster.
With a background in banking, finance, business development and project management, there’s no better advocate to have on your team than Nikki Berzin. As a fully qualified mortgage broker and director of Cherry Lending & Finance, Nikki is passionate about all things finance, and empowering her clients with the tools to hit their property goals is what she does best, and another example of this is the free to use Savings Goal Calculator found on the Cherry Lending & Finance website.
If you’re looking to get into your first home, purchase an investment property or even want to look at your options for refinancing, the first step is starting the conversation. Get in touch with Nikki today, or call her directly on 0427 374 155 to bring your mortgage dreams to life.
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