Council under pressure to fast track development

THE pastures above Geelong’s northern reaches present as the most unlikely flashpoint over housing affordability in the city.

While maturing crops cover the hills with a lush green carpet, more than 750ha of land 10km north of Geelong is under control of the Lovely Banks Development Group, which represents land owners led by three family businesses — Riverlee, Costa Asset Management and Bamfa Properties.

The $4 billion project will incorporate 10,000 dwellings for a mix of first, second and third-home buyers, and 30,000 residents and is tipped to create 33,700 direct and indirect full-time jobs over 15 years.

The site will contain a town centre, up to five schools, plus childcare and medical centres and more than 40km of bike and shared paths.

Costa Asset Management general manager — property, Todd Devine, pictured, said a creek system would deal with drainage issues on the elevated site, which offered some of the best views of the You Yangs and Corio Bay.

“We are confident we can deal with our drainage issues on our site, without needing to acquire land for that purpose,” he said.

Mr Devine said Costa bought its first parcel in the area 15 years ago, while the group had been working with council for about seven years.

But the developers want the council to prioritise the area to deliver additional land and choice for buyers, particularly as Armstrong Creek land sales were several years ahead of schedule.

Mr Devine said unless new greenfield residential land supply comes online quickly, the city will experience significant price escalation and a fall in housing affordability.

With Geelong’s population growing at 2.7 per cent a year, Mr Devine said demand/supply calculations shows all good land stocks will be developed by 2024.

If the council started precinct planning now, Mr Devine said, it would take until early 2022 for land to come online.

City of Greater Geelong director of planning and development Joanne Van Slageren said the growth areas framework was set to be completed in 2019, (taking one year less than planning for Armstrong Creek — an area half the size of the northern corridor), when the City would consider timing of precinct structure plans.

But she said the City’s draft Settlement Strategy identifies that development would need to start in at least one northern precinct by 2025 to maintain land supply and prices.

“The City’s current planning time frames will easily meet this requirement,” she said.

“Despite this, the City is actively pursuing efficiencies in our planning processes that will not impact on delivering the best planning outcomes for Geelong.”

Ms Van Slageren said Lovely Banks Development Group was one of several land developers that the City is working with collaboratively to progress the plans. The City is also processing three applications in Lara West to release

2500 lots in 2019.