Thursday, May 30, 2024

Lake Macquarie development booming says council

Lake Macquarie City Council says a billion-dollar development boom is continuing across the region, with more than 2,700 development applications approved over the past 12 months.

The 2021-22 financial year saw the south-western suburb of Cooranbong race to the top of the ladder in terms of approved development value, cracking the $107 million mark.

Council says Cooranbong didn’t appear in the top 10 suburbs the previous financial year, but a raft of major approved developments – including a 399-lot subdivision, a separate 215-lot subdivision and a $25 million plan for new twin service stations on the M1 Motorway – has seen it elevated to the top spot this year.

Lake Macquarie City Council Manager Development Assessment and Certification, Liz Lambert said the value and volume of approved development in suburbs like Cameron Park, Morisset, Edgeworth and Teralba demonstrated growing interest in the city’s western suburbs.

“Developers, investors and, ultimately, families, are recognising the enormous benefits of this part of our city,” she said.

“These are our boom suburbs – excellent lifestyle, close to the lake and the bush, not far from public transport and major road networks, but still relatively affordable.”

Lake Macquarie Mayor, Kay Fraser said an increasing number of people were putting down roots in the city.

“This is an exciting time for Lake Mac,” the Mayor said.

“We’ll continue to balance the need for growth with the desire across our community to maintain the amazing lifestyles that make our city such a great place to live and work.” 

A $37 million seniors housing complex at Mount Hutton was the single most valuable DA in Lake Macquarie over the past 12 months.

Ms Lambert said that while the number of DAs lodged with Council increased from 2,868 in 2020/21 to 3,062 in 2021/22, the overall value declined marginally from $1.4 billion to $1.1 billion.

“Those figures show there are still plenty of people undertaking home renovations and other relatively minor development works,” she said.

“But these are still very strong results, which show the overall confidence in Lake Mac across the commercial and residential development sectors in Lake Mac.”

Cooranbong, Belmont, Mount Hutton, Morisset and Cameron Park made up the top five suburbs for the value of approved DAs, accounting for more than $340 million in development between them. Of those, only Belmont figured in the previous year’s top five list.

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