In the last six months $110 million of new development has been approved by MidCoast Council as the area continues to feel the impacts of the regional COVID development boom.
This includes $79 million worth of new residential housing and an additional $13 million worth of alterations and additions to homes, according to a report to the July Council meeting.
Council’s Director of Liveable Communities, Paul De Szell, said this follows the approval of $262 million of development in the 2020-21 financial year.
“The MidCoast is experiencing increased interest from developers and those wishing to move to the region, often from more metropolitan areas, as a result of the impacts of the COVID pandemic,” Mr De Szell said.
The ability for many professionals to work from home in an affordable pristine locality makes the MidCoast a desirable relocation option with an easy commute to both Newcastle and Sydney – this trend has been reflected in increased property prices across the region.
Development approvals also show locals are spending money on renovations and additions to their homes, which has a flow on effect on the local economy.
“We all know that the last 12 months has put a stop to travel for the majority of the community, and these figures show people are investing what they may have spent on holidays into their homes, which also has a positive impact on our building industry.”
As a proactive response to this trend in development and a shortage of land supply, Council, at its July meeting, approved a Settlement Expansion and Redevelopment Opportunities Analysis Report which aims to ensure Council is prepared and ready to act to support potential new housing and business opportunities.
The document identifies a range of areas around the MidCoast where future expansion may happen, in the short term (one to five years), medium term ( six-10 years) or long term (10+ years) based on the rate of expected growth.
“This document provides the community and developers with certainty about where residential development can occur.”
