Melbourne skyline set to change

With a recently announced planning decision, Melbourne’s skyline will soon be undergoing some big changes.

The Planning Minister Nathan Guy has recently approved the construction of three new skyscrapers in central Melbourne creating new opportunities in the city.

These new projects are expected to introduce 5,800 construction jobs in the city across the three forecast towers.

One of these projects, the Melbourne 108, will be the first 100-storey building south of the equator and home to 1,105 apartments. Combined with the other two projects, Melbourne will soon have accommodation for another 4,000 residents in the central city.

The other two towers will be located on Elizabeth Street and on Melbourne’s Southbank. These two towers will involve a $230 million investment into the city’s construction industry.

Mr Guy pointed to the value that these new projects would bring to the state once construction begins.

“Victoria has the strongest construction sector in Australia, and our planning system is geared towards maintaining this economic advantage,” Mr Guy said. “Since 2010, 54 per cent more homes have gained building approval in metropolitan Melbourne than in Sydney, and 11 per cent more than the entire state of New South Wales.”

“By building more homes, we are ensuring we won’t have the drastic and harmful housing shortage Sydney is experiencing.”

Slightly less than half of the 187,111 homes announced for construction since 2010 in Victoria are medium and high density units, suggesting that more Australians will be living in these homes in the near future.

Melbourne isn’t the only city which is seeing greater growth – both Sydney and Brisbane are seeing expansion in theirĀ inner city apartment markets, as these properties become more appealing for a number of buyers.