Melbourne’s population is rapidly increasing, with figures showing an average of 2400 people moving to the state’s capital every week.
To accommodate a population that is set to eclipse 5 million by 2021, the State Government has identified four growth corridors across the city, including one in the south-east. So what is a growth corridor and what does it mean for residents of Melbourne’s south-eastern suburbs?
Population growth and property prices in Melbourne’s south-east
Melbourne’s population boom has been felt more in some areas of the city than others. With its affordable properties and proximity to amenities like public transport and recreation facilities, the south-east has been something of a growth hotspot. For example, Cranbourne East has been identified as Australia’s fastest-growing suburb due to a 27% population growth in the 2016-17 financial year.
This growth is also reflected in property price growth across the South-East. Some suburbs have seen impressive increases. Prices in Cranbourne jumped by 26.71% in 2017, while Narre Warren saw an increase of 23.06% and Berwick an increase of 14.14%.
What is a growth corridor and what’s happening with the south-east?
Melbourne’s south-east has been earmarked as an official growth corridor that will require significant development and infrastructure for the masses of new residents arriving every week.
The strategy for this development has been set out in the South East Growth Corridor Plan, which focuses on creating livable communities across Melbourne. As part of this plan, residents of the south-east can expect improvements across housing, public transport, roads, employment opportunities and recreation facilities.
The South East Growth Corridor Plan encompasses a number of suburbs, from Dandenong to Pakenham in the east, down to Cranbourne and Clyde in the south.
New town centres and suburbs
As part of the project, the existing hubs of Dandenong and Frankston will be Central Activity Areas; Fountain Gate and Cranbourne will form Principal Town Centres; and Major Town Centres will also be established at Endeavour Hills, Berwick, Hampton Park, Officer, Pakenham, Casey Central, Clyde North and Clyde.
Concentrating resources on these focus areas means locals will be better served by suburbs closer to home, with more local jobs and amenities spread across the South-East.
Pakenham will also be complemented by a brand-new suburb, currently under the working title Pakenham East, which is one of 17 suburbs that will be created across all four Melbourne growth corridors. The Pakenham East Precinct Structure Plan is now open for public consultation, and nearby residents can look forward to cycling paths, public transport and open spaces, as well as four new schools, two sporting reserves and retail spaces.
Residential developments in the south-east
The demand for property in the south-east means adding more affordable and desirable new dwellings is a priority. Two new residential districts at Clyde and Clyde North have been identified in the Growth Corridor Plan, with a focus on a mix of housing types and employment opportunities, while the Officer-Pakenham Industrial/Business Corridor will also accommodate high-density residential development as well as commercial and manufacturing uses.
As mentioned in this previous article, there’s already been an increase in the number of new builds from developers in the area, with 650 permits issued in the five months before November 2017 in Pakenham South and Beaconsfield/Officer.
Employment in the South East Growth Corridor
If you’re living in the growth corridor, you can expect to be able to work closer to home in the coming years, due to the focus on creating more jobs in the town centres and identified business precincts. The project is expected to create between 86,000 and 110,000 new jobs in different sectors and locations, while those working in the city can also look forward to improved transport options.
Roads and public transport
Better public transport and upgraded suburban roads need to be a focus to serve the booming population, providing connections to jobs in the city as well as across the Growth Corridor. The State Government is addressing this, recently announcing $2.2 billion for upgrades to thirteen major arterial roads in the south-east and the north.
The Cranbourne and Pakenham train lines will continue to serve the area, with service improvements and station upgrades. A bus network is also being considered to link the two lines’ stations, as well as the Major Town Centres and employment hubs, and make it easier for locals to get to work.
Looking to get involved in one of Melbourne’s fastest growing areas? Get in touch today to discuss affordable property options in the south-east.