Land investors warned to do their homework

21/2/2006
Investors should carefully weigh up the risks before committing money to residential land investment schemes in the Peel Region, Planning and Infrastructure Minister Alannah MacTiernan said.
"The Western Australian Planning Commission (WAPC) is alarmed about the increasing speculation in rural land in the region," Ms MacTiernan said.
"There appear to be some highly unrealistic expectations of re-zoning, particularly in farming areas east of the Peel Harvey estuary.
"Land owners, developers, investors and speculators need to understand that changing the zoning of large tracts of rural land will only follow careful planning."
The Minister said investment schemes based solely on the prospects of rural land being rezoned and subdivided might be purely speculative.
"Good planning is the key to avoiding an endless urban sprawl and ad hoc housing developments," she said.
The Peel Region, centred on Mandurah, has outstanding natural and other attractions and is experiencing sustained urban growth.
"From next year, the region will be connected to Perth by the Southern Suburbs Railway and construction of a new highway will dramatically improve access to Perth, Bunbury and the South-West," the Minister said.
WAPC is working with State agencies, the Mandurah and Murray councils and the community to ensure sustainable growth.
At the same time, the commission will seek to minimise the loss of farmland, to maintain agricultural production and jobs.
Ms MacTiernan said new urban development would have to follow the Peel Region Scheme, the Metropolitan Region Scheme or the planned Greater Bunbury Region Scheme.
"These schemes will be used to prevent sprawl and to avoid the loss of precious environmental assets," she said.
Minister's office: 9213 6400