Victoria’s Old Retail, Racing and Radio Sites Now Set to Become New Housing

Why It Matters

Accelerating land release addresses Victoria’s acute housing shortage while spurring construction jobs, and the affordable‑housing quota ensures broader social benefit.

Key Takeaways

• Unlocking Strategic Sites aims for 10,000 new homes statewide
• First seven sites could deliver up to 9,155 homes and 8,900 jobs
• Program halves rezoning time from over two years to about one
• Each project must include at least 10% affordable housing
• Sites span former Bunnings, radio stations, golf club, university land

Pulse Analysis

Victoria is confronting one of the sharpest housing shortages in Australia, with population growth outpacing new‑home construction and median prices climbing above affordability thresholds. The state’s latest housing strategy sets a goal of delivering roughly 10,000 additional dwellings over the next few years, a figure designed to ease pressure on rental markets and support the influx of workers attracted by the region’s strong economy. By targeting land that is already serviced and centrally located, policymakers hope to minimise infrastructure costs while maximising the speed of delivery.

The Unlocking Strategic Sites pathway builds on the existing Development Facilitation Program by offering a streamlined rezoning process that can cut approval timelines from more than two years to around twelve months. Seven pilot sites were announced, ranging from a former Bunnings hardware store in Preston to surplus parcels at La Trobe University and a former radio station in Bendigo, collectively capable of producing up to 9,155 homes and creating close to 8,900 construction jobs. A mandatory 10 % affordable‑housing component ensures that a portion of the new supply is accessible to low‑ and middle‑income households, aligning the project with broader social objectives.

For developers and investors, the accelerated pathway presents a clearer, lower‑risk route to project financing, potentially unlocking capital that had been stalled by lengthy council deliberations. However, the fast‑track approach still requires community consultation and rigorous planning assessments, meaning local opposition could slow individual sites. If the program meets its delivery targets, it could set a precedent for other Australian states grappling with similar supply constraints, reinforcing Victoria’s reputation as a proactive market for residential development.