ALBURY’S development activity has bounced back in the past 12 months with mayor Kevin Mack citing renewed confidence among investors seeking value in regional NSW.
Albury Council app-roved 1093 development applications in 2013-14 valued at $218.3 million, an increase of 15 per cent on the previous year.
The value of the developments was 44 per cent higher than the previous 12 months.
Residential building is leading the renewed activity with 225 new homes and 75 units approved.
The combined value of these developments is $81.3 million.
There were also 71 applications for commercial-mixed use premises, 31 for community facilities and 254 for alterations to dwellings, valued at $92.8 million.
Among the most significant developments approved were the Albury-Wodonga Regional Cancer Centre, the new ambulance station in Lavington, student accommodation at Charles Sturt University, multiple industrial warehouses and several sub-divisions.
Mayor Kevin Mack said the latest figures were encouraging and reinforced Albury as a vibrant place with a strong economy.
“These figures are a big improvement on the 2012-13 figures and demonstrate renewed confidence by developers in planning and investing in Albury,” he said.
“We’ve seen a huge increase in new homes being built in the growth areas of Thurgoona, Hamilton Valley and Springdale Heights.
“Many of these are second and third home owners as well as property investors who recognise Albury as a sound investment opportunity.
“Albury is one of a number of NSW regional cities being targeted by metropolitan property investors who recognise value and demand in our local area.”
During the past 12 months, 285 vacant lots were built upon, which is up 65 per cent on 2012-13 and the highest figure since 2004-05.
The council’s planning and development committee chairman Daryl Betteridge said the figures reflected significant growth and demand for residential blocks particularly in the Thurgoona area.
“We don’t see any sign of this demand slowing over the next 12 months and our development approvals support this trend,” he said.
The latest development statistics and Albury land monitor 2013-14 will be tabled at the committee meeting on Monday night.