The Urban Development Program (UDP) monitors and reports on major residential redevelopment projects across metropolitan Melbourne. Major redevelopment projects are those comprising ten or more dwellings. Data is collected from commercial data sources and through analysis of aerial imagery, and is verified through consultations with local council representatives.
These include projects which may have an existing planning permit, or are in the planning processes, those that are current under construction, as well as potential longer term projects on sites that local councils have identified for residential purposes.
A timing classification is attributed to each project based on commercial data sources, consultation with local councils, and the stage the project has reached in the planning process. The Urban Development Program reports on major redevelopment projects using the following categories:
¿ Completed (a project was completed from Jan 2017 to Jan 2019)
¿ Under Construction (a project was under construction at Jan 2019)
¿ Firm (Recent planning approval, project with pre-sales)
¿ Likely (In planning assessment, planning permit extension may be required to develop)
¿ Possible (Long term redevelopment site, permit lapsed ).
While the UDP acknowledges a proportion of proposed projects may be abandoned or delayed, the classification process provides an indicator of available supply provided there is sufficient demand. In addition, it is acknowledged there are also sites within the established parts of Melbourne that may be suitable for residential development into the future but have not yet been identified. The UDP will continue to report on these sites as they are identified for redevelopment for residential purposes.
It should also be noted that the timings attached to these projects are indicative. Construction rates can be cyclical in nature, and highly dependent on underlying demand and pre-sales, economic cycles and industry capacity. This can mean that stated development intentions will vary from on the-ground construction activity over time and by location.