A plan to guide growth in Yarrawonga over the next three decades is being developed by Moira Council and the Victorian Planning Authority.

Consultation opened on Wednesday for the Yarrawonga 2050: Framework Plan, being developed to update a similar 2004 strategy.

Residents will be able to nominate via an online 'story map' what they'd like to see for recreation, housing and other infrastructure into the future.

They are also being asked how Belmore Street could be improved and what kind of business would help grow the local economy.

Moira mayor Libro Mustica said the framework plan would become part of council's planning scheme.

"By creating a vision for how we want Yarrawonga to develop, these individual plans and decisions can progressively contribute to the town we want," he said.

"People of all ages will enjoy the online tool that allows participants to drop pins onto a map to indicate places they love and places they'd like to change."

VPA regional Victoria executive director Brett Davis said the plan, expected to return to council for endorsement later this year, would guide future development.

"The VPA is keen to find out about residents' insights into Yarrawonga's opportunities, and how we can capitalise on these opportunities in a sustainable land-use planning approach," he said.

A number of background studies will guide the framework's development, including the Moira Major Towns Strategy Plan Review from 2018.

It identified that at June last year, 15 of 60 recommendations from the Yarrawonga Strategy Plan 2004 had not been implemented.

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They included the development of a small-lot industrial subdivision on vacant land at the saleyards and creation of a masterplan for the eastern lake foreshore, from Murphy Street to the Yacht Club.

The report put Yarrawonga as "well positioned to take advantage of job opportunities that are expected to be required to meet the needs of Melbourne's population growth, through tourism, new energy and food and fibre businesses".

In 2017 the retail vacancy rate was low at five per cent and it was forecasted an additional 1187 to 4851 square metres in floorspace would be required by 2031.

The last Census showed that the usual resident population is 7848, "which is an increase from 5730 people in the past 10 years".

All feedback, which can be lodged via the VPA website, must be received by July 19.

Drop-in sessions are being held at the Yarrawonga Visitor Information Centre on Thursday; from 1 to 3pm, and 4 to 6.30pm.

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