Reforms for Victoria: Check your zones!
If you're a resident of Victoria, reforms in the context of the state's residential zoning probably comes as no surprise.
After all, changing Victoria's residential zones is a massive process - they're the most significant reforms in over two decades, according to a June 16 state government statement.
Those with home mortgages in the state will no doubt be intrigued with the latest changes and the impact the reforms could have on their local communities.
"The Victorian Coalition Government committed to implementing clearer residential zones across Victoria. These zones deliver on the government's policy to direct residential development to defined areas and at the same time protect our suburbs from over-development," said Minister for Planning, Matthew Guy.
Mr Guy noted the new zones struck a fine line between promoting new housing development in selected areas and protecting heritage zones.
As Australia's population grows, home ownership could become even more valuable if housing stock can't keep up with the pace of change. However, the residential zone reforms could assist the development of much-needed dwelling options in areas that are well-geared for it - particularly suburbs that have high-quality facilities nearby and close public transport links.
"With the new residential zones home buyers will more clearly understand how their neighbourhood is likely to evolve over time and developers will direct activity to locations where it is supported," Mr Guy said.
The process is well underway, with 39 councils gazetting their reformed residential zones at the beginning of this week. A further five councils have had residential zones implemented, with eight councils having undergone the new zone approval process.
A further 24 councils will see a "neutral conversion" process on July 1.
If you want to move into an area that's geared for development or head to a protected heritage area, a mortgage refinance might be for you.
Image credit: Christian Haugen