RESIDENTIAL development in Camperdown is bucking the statewide trend, with 14 new dwellings approved for the 2018/19 year.
According to Australian Bureau of Statistics (ABS) figures released this week, the number of dwellings approved is up 16.7 per cent on the previous year, which saw 12 new houses approved for the town.
Economic and Market Development Advisers director Michael Emerson said Camperdown’s strong growth in new housing was in direct contrast to Victoria as a whole, which recorded a drop of 8.3 per cent.
“Up until June 2019, Melbourne and wider Victoria have been struggling in terms of new housing figures,” he said.
“But Camperdown’s micro-economic climate appears to have been somewhat insulated and is doing pretty well in comparison.
“Another significant factor is that the value of the actual houses being built is continuing to climb as well.”
According to the ABS, the value of new houses being built in Camperdown rose from $300,700 in 2017/18 to $365,500 in 2018/19.
The growth in building approval value was equivalent to an 18.6 per cent increase, well ahead of Victoria as a whole, which recorded a 5.1 per cent increase.
“While the ABS data does not go into further detail, anecdotal evidence suggests people are building bigger houses or are fitting them out with better quality fixtures and fittings,” Mr Emerson said.
“Either way, the increase means people have enough confidence in Camperdown to build more houses and to build more expensive houses in the town.
“People simply wouldn’t do that if they thought the town was in decline.”
ABS figures also showed a strong increase in the level of overall development for Camperdown for the last financial year, including everything from new houses and renovations to commercial fit-outs.
The total value of all the building approvals issued for the town in the 12 months to June 2019 showed an increase of 27.5 per cent when compared to the previous year.
According to the figures, the total value of building approvals was $7.3 million, compared to $5.7 million for the same time last year.
Once again, Mr Emerson said the sharp increase was in complete contrast to building approval values recorded for Victoria as a whole, which were down 13.2 per cent.
“When you look at the figures for Melbourne and Victoria for the same period, we are definitely bucking the trend,” Mr Emerson said.
“I think there are a number of drivers for the strong increase – the growth of the agricultural sector being a major one.
“The dairy industry has lifted and beef and lamb prices are quite strong.”
Mr Emerson said tourism growth was another factor, which was evident in continued low vacancy rates of local accommodation.
“The flow-on from wind farm developments to Camperdown’s north is also having an impact,” he said.
“I also think initiatives such as the Corangamite Shire’s facade funding program have also contributed in terms of beautifying the town, its heritage aspects and making it more appealing to visitors and to people looking to move into the area.
“These latest figures are a great result for Camperdown and show that people and businesses are making investments here, which is a great sign for the future.”