Federal approval has been given for an exciting new housing project in Melbourne. This development aims to provide homes for up to 3,700 residents while also revitalizing the historic Queen Victoria Market.
Led by Lendlease, the project includes two residential towers, a student accommodation building, and a low-rise civic space near the market. It will create over 2,200 new homes, including 1,100 apartments (with 130 designated as low-cost) and 1,150 student rooms.
The existing car park will be transformed into a 1.8-hectare park that honors the historical significance of the Old Melbourne Cemetery.
Minister for the Environment and Water, Murray Watt, emphasized the importance of preserving the market’s heritage while meeting housing needs. He stated, “Through thoughtful design, this project will provide new homes while ensuring this Melbourne icon can be enjoyed for many years.” He also noted that the market, continuously operational since 1878, will continue to serve its famous fresh produce.
Housing Minister Clare O’Neil expressed her support for the initiative. She noted, “Housing is a life-defining challenge for many Australians. People are working hard yet still can’t afford a home. This project will make a real impact.” In contrast to the previous decade, the Albanese Government has invested a hefty $43 billion in housing within just three years.
The significance of this development goes beyond just housing. It seeks to address regulatory challenges that have previously delayed construction. O’Neil commented, “If we’re going to build more homes, we need to simplify regulations that currently serve as roadblocks.” According to recent surveys, nearly 60% of Australians feel housing is becoming increasingly unaffordable, highlighting the ongoing urgency of the housing crisis.
As this project unfolds, it not only promises new living spaces but also aims to enhance community engagement through improved market access. This combination of modernity and heritage could potentially redefine urban living in Melbourne.
For more information on housing initiatives, you can explore the latest data from the Australian Institute of Health and Welfare.
