Housing to Bring Billion-Dollar Boost
Land development and housing construction at the Kingswood residential project in Dingley Village are projected to generate about $1.2 billion in economic output to the Victorian economy, more than $900 million of which will be spent within the Kingston municipality.
An independent economic impact assessment of the project also calculates more than 930 direct and indirect jobs will be created statewide by the third year of construction, with more than 700 of these based within the City of Kingston.
The assessment was completed by consultants Urban Enterprise on behalf of the developer, and submitted to Kingston Council to support the application to rezone the 54-hectare golf course site on Centre Dandenong Road.
Urban Enterprise calculates that by the time the development is complete in 2023 activity within the new community will generate at least an extra $18 million a year in output to the local economy.
Urban Enterprise is a Melbourne-based consultancy providing specialised services in urban planning, tourism planning and property economics across Australia. Its clients include the federal and state governments, and local councils across Victoria.
Other conclusions made by Urban Enterprise include:
- The redevelopment is expected to yield more than 2200 new residents of Dingley Village, 52 per cent of whom would be in the workforce.
- The new population would generate more than $30 million in retail spending, about 80 per cent of which would be spent within the City of Kingston.
- The increased retail spending would generate more than 140 jobs a year within the City of Kingston.
- New households would contribute more than $21 million in municipal rates to the City of Kingston in the first 20-year period after construction begins (in 2016 dollars.)
Urban Enterprise concludes: “The Kingswood development will diversify the current housing stock in the municipality by offering larger houses that include 3, 4 and 5 bedrooms. It is expected that the larger houses and higher median property values will attract young and middle-aged families looking to upgrade.
“The proposed household structures (3 to 4+ bedrooms) and the expected median property values … are likely to attract people employed in professional occupations and earn an above-average income. The additional residents working professional occupations will help diversify the socio-economic profile of the resident population of Kingston.”
More details: Hugh Jones Media 0400 505 889
Please click below to download the Urban Enterprise Economic Impact Assessment.