Melbourne's New Development Projects Transform Property Landscape for Residents

A major new development project has been approved for the Frankston corridor, with plans to build over 500 new apartments and townhouses along the Nepean Highway.

This project is significant because it comes at a time when Melbourne's property market is experiencing a shift away from auctions, with many sellers opting for private sales instead. The median house price in Victoria is currently around $920,000, while units are selling for approximately $620,000. The demand for housing in Melbourne remains high, driven in part by migration to the city, and new developments like this one will help to meet that demand.

In the Bayside and Inner East areas, where property prices are typically higher, new developments are also underway. For example, the historic Shafston House in Teneriffe is being transformed into a luxury residential complex, while in the suburb of Brighton, a new development on St Andrews Street is set to feature a mix of apartments and retail space. The City of Bayside and the City of Melbourne are working to ensure that these new developments are integrated into the existing community, with initiatives like the Melbourne Planning Scheme and the Bayside Housing Strategy.

According to data from the Real Estate Institute of Victoria, the median house price in the Bayside area is currently around $1.4 million, while in the Inner East it is approximately $1.2 million. In contrast, the median house price in the Frankston corridor is around $800,000, making it a more affordable option for buyers. Since the start of the year, there have been over 1,000 new development approvals in Melbourne, with a total value of over $2 billion. This level of investment is expected to continue, with the Victorian Government's 2026-2027 budget allocating $1.1 billion for housing and community development.

New Developments and Local Impacts

The impact of these new developments will be felt across Melbourne, from the increased supply of housing to the creation of new jobs and amenities. In the Frankston corridor, for example, the new development project is expected to create over 1,000 jobs during the construction phase, and a further 500 jobs once the project is complete. The development will also feature a range of community facilities, including a new park and a community centre.

For buyers and investors, the key to navigating this changing property landscape is to stay informed and do your research. The REIV website is a valuable resource, providing up-to-date data and analysis on the Melbourne property market. Additionally, the Victorian Government's website has information on the range of initiatives and programs available to support buyers and investors, including the First Home Owner Grant and the Off-The-Plan Duty Concession. With the right information and support, buyers and investors can make informed decisions and take advantage of the opportunities presented by Melbourne's new development projects.