The Property Council of Australia today welcomed the Government’s release of the Fisherman’s Bend Draft Framework. 

Victorian Executive Director Sally Capp said that Fisherman’s Bend is recognised as one of Australia’s largest and most important urban renewal opportunities, a vital area for significant jobs growth and increased density that will help address housing shortages arising from Melbourne’s rapidly growing population.

“Melbourne is the fastest growing city in Australia. Urban renewal is an essential way to provide exciting and attractive places to live, work and play and Fisherman’s Bend will contribute significantly to managing growth pressures”, said Capp.

The Property Council praised the Government’s visionary approach to creating a thriving and sustainable community and the adoption of ambitious targets for housing, jobs and non-car trips, but urged the Government to provide more information and certainty about the funding to be made available to make this vision a reality.  

“It is crucial that Fishman’s Bend creates the right kind of environment to attract businesses and other uses, of all sizes, as well as residential uses, that will foster vibrant places day and night, weekdays and weekends” said Capp. 

The Property Council acknowledges the Government’s support for industry to provide essential public infrastructure upfront, rather than through a contributions process. Community infrastructure is best delivered at the start of a development, not at the end.

“The industry is well placed to provide high quality community facilities and infrastructure as an part of a development, making them available when residents and workers first arrive rather than contributing to a pool of developer contributions that is spent later”, said Capp. 

“To attract major institutional investment and employers there will need to be mass transit options in Fisherman’s Bend.  With Melbourne Metro 2 on the horizon, industry and government must collaborate to release value, rather than impose further taxes and charges.

“There are a number of ways to unlock the value in an urban renewal site, and we call on the Government to look to new ways of releasing value, and not rely on quick fix, quick tax solutions”, said Capp. Government must find the balance between responsible funding and creating attractive investment conditions to establish the precinct.

The Property Council also warned against burdensome planning restrictions that could stifle development and deter design innovation. “Fisherman’s Bend needs to be a precinct that says yes to good design, and enables a creative mix of dwelling types to meet diverse and changing housing needs. However, a clear governance authority and efficient panning regime will be essential to the success of the development” said Capp. 

Click here to read the draft Fishermans Bend Framework and planning controls.

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