Key Takeaways
- The Punt Road acquisition overlay, which stretches 2.6 kilometers from Alexandra Avenue to Union Street in Windsor, has been a point of contention among residents and local government.
- The overlay, which has been in place for decades, has effectively put a hold on development in the area, leaving properties in a state of uncertainty and disrepair.
- Residents and local government are calling for the overlay to be dropped, citing the potential for high-density housing and the need to meet state-imposed housing targets.
- The state government has set a target of building 50,000 new dwellings in Stonnington by 2051, but the council’s plan advocates for a different development strategy that could accommodate 67,000 new dwellings.
- The issue has become a flashpoint, with some arguing that dropping the overlay would allow for ugly skyscrapers and others arguing that it would provide a compromise between preserving heritage homes and meeting housing targets.
Introduction to the Punt Road Acquisition Overlay
The Punt Road acquisition overlay has been a source of frustration and uncertainty for residents and property owners in the area. The overlay, which was put in place decades ago, has effectively frozen development in the area, leaving properties in a state of disrepair. Residents, such as Carrasco, who lives on Punt Road, believe that if given the choice, most would prefer to see high-density homes built next door rather than have their properties acquired. This sentiment is shared by many, who see the potential for high-density housing as a compromise between preserving heritage homes and meeting state-imposed housing targets.
The Impact of the Overlay on Residents and Property Owners
The overlay has had a significant impact on residents and property owners in the area. Many have been reluctant to spend money on their properties due to the uncertainty surrounding the overlay. The Arcadia Pub owner, Ken Nicholls, is one such example. He has never tried to renovate or expand his pub, which is located in the middle of the acquisition zone, because he assumed he would be knocked back. This has resulted in many properties in the area falling into disrepair. Teluk, a retiree who lives in an apartment in the area, hopes that he never has to leave his home, but the failure of successive governments to deal with the overlay has left him frustrated.
The Council’s Plan and the State Government’s Target
The Stonnington Council has advocated for a different development strategy, which could accommodate 67,000 new dwellings in the area. The council’s plan shows that developing the 9880m² of property along the Punt Road corridor owned by VicRoads could help meet imposed housing targets. South Yarra Ward councillor Kate Healy believes that state-owned assets in Stonnington, worth some $100 million, could be used to build hundreds of new homes next to train stations and trams, and close to jobs. However, the state government has set a target of building 50,000 new dwellings in Stonnington by 2051, and it is unclear whether the council’s plan will be taken into consideration.
The Debate Over the Overlay
The debate over the overlay has been heated, with some arguing that dropping it would allow for ugly skyscrapers and others arguing that it would provide a compromise between preserving heritage homes and meeting housing targets. RMIT urban policy lecturer Liam Davies believes that it is unusual to have an overlay in place for so long without development, and that the government’s desire to minimize the cost of public acquisition has effectively held properties in stasis. Stonnington Mayor Melina Sehr believes that the government is asking Stonnington to accommodate significant growth while a large amount of state-owned land is "effectively frozen" with no funded plan for its future.
The Future of the Overlay
The future of the overlay is uncertain, with both the Coalition and Greens favoring its removal. A ministerial advisory committee examined the overlay in 2016 and 2017, and then-planning minister Richard Wynne decided to keep it, citing Punt Road’s importance for traffic and transport. However, the value of properties in the area could be significantly affected if the planning rule was dropped, given the land’s proximity to the CBD, as well as access to public transport and jobs. As the debate continues, residents and property owners in the area remain uncertain about the future of their properties and the potential for development in the area.