You know the Melbourne housing market is in trouble when (h/t LBS):
Developers say property prices in Melbourne’s urban growth corridors may skyrocket because of an endangered frog.
A draft report released under new Federal environment laws has recommended some growth areas be off-limits to developers to protect the growling grass frog.
Developers say the plan, a national first, does not give them any certainty, but frog experts say it is a good compromise.
Melbourne’s outer suburbs are growing faster than anywhere else in Australia and involves moving into territory occupied by the endangered frog.
Urban Development Institute of Australia executive director Tony De Domenico says it could add up to $10,000 per block of land.
“That’s not me being alarmist, this is occurring inside what was supposed to be an urban growth boundary,” he said.
“So in other words in 2002 when the Labor Party put an urban ring around Melbourne, they said anything within that ring is developable.
“Well that’s been not the case because now we’ve got some landholders losing up to 40 per cent of their land entitlement because of one form or another of something.
“We need to be protected.”
Mr De Domenico says the costs of conservation should be shared.
“Why should the first homebuyer be stuck with the bill of protecting an endangered species, if the species in fact endangered? All of the community should be paying for its protection,” he said.
“If it’s on land that’s not developable, the Government should then buy the land back from, whether it’s the farmer or the developer, and look after the land it deems to be infested by an endangered species.”