Bendigo Insights - Planning Statistics July 2022 to March 2023
For those looking at developing land or property in Greater Bendigo, we thought we’d share some insights on the current planning trends. Top 5 Planning Observations we are seeing from the Greater Bendigo Area.
1 - 655 Planning Permit Applications have been received since July 1 2022
At the time of writing these insights, of the 655 applications, 524 were new applications, 129 were to amend an existing application and 2 were combinations of applications. We note the applications received data for February is not provided to date in this data. For comparison to this same period from July 1 2021 to March 2022, the total applications were estimated at 873, which is down 25% on current applications submitted.
2 - During this period Council have made 691 Planning Permit Determinations
To see the current trends here is a breakdown of the determinations
556 Permits Issued
43 Notice of Decisions to Issue a Permit [when there are objections]
12 Refusuals
80 lapsed
When reviewing these breakdowns it is important to note that the low number of refusals which is positive, but we also take into account the 11% of lapsed applications. Many of these would have been withdrawn if support was unlikely or the project was unable to progress in its current form.
3 - The net total of new dwellings to 28 Feb 2023 is 162
The reporting has identified this figure from the relevant application category which has been marked as including the construction of a new dwelling or dwellings. This figure would be a mixture of multi-dwelling developments, new homes on vacant land or rebuilds.
4 - The total of subdivided lots to 28 Feb 2023 is 426
As with new dwellings, the reporting is based on when applications have applied for the subdivision of land or the consolidation of lots to determine the 426 figure. This is a promising statistic, as it is showing a mix of infill and greenfield subdivisions occurring which is creating a mix of housing choices across the wider Greater Bendigo region.
5 - Cost of works from all applications during this period across Greater Bendigo was $142million
This figure is the total sum of the estimated cost of works attached to planning applications where a permit has been issued, showing significant investment into the Greater Bendigo region over the past 8 months. Of note, this equates to an average per permit value generally speaking of $292,000.
So what are these numbers telling us?
We draw a few conclusions from this data, the first being that there is a healthy pipeline of development activity being proposed and considered across the Greater Bendigo region.
We see that development within Bendigo is predominantly new dwellings, with a lesser yield of subdivisions compared to a comparable LGA such as Ballarat during this period. In expanding on this Ballarat, for instance, has issued approvals for only 167 dwellings, however, has approved the subdivision 2782 lots.
During this period we have seen that applications received from December 2022 to date are comparably lower to those received from July - November 2022, which is a common trend across the sector.
With the 25% reduction in applications received over the comparison period last FY, we can draw a few conclusions. One is the reduction in stimulus for the sector since restrictions have been lifted, the second is the supply issues with materials and professionals, which thirdly impacts project costs, leading to many postponing development until there is further market clarity.
If you are thinking of developing in Bendigo or its surrounds, now is the time, and the team at Urbankind are more than happy to chat through our thoughts, ideas or project visions to help turn any ideas into a future reality.
