The total value of development approvals in Lake Macquarie has cracked the billion-dollar mark yet again in Lake Macquarie, despite a nationwide downturn in development investment.
Analysis of development application data over the 2024-2025 financial year shows Lake Macquarie City Council approved 1,824 development applications and DA modifications worth a total $1.02 billion, with Morisset topping the list for hot-spot suburbs.
The new figures mean Council has now approved more than $8 billion worth of development across the city since 2019.
Director Development Planning and Regulation David Antcliff said streamlining processes over the past five years had resulted in quicker approval times and aided the city's growth and transformation.
"Approving high-quality, sustainable commercial and residential development has helped Lake Macquarie transition rapidly from an economy based around mining and traditional industry to one focusing on services, health, tourism and innovation," he said.
"It sets up our city to grow and prosper for the next generation and provides employment opportunities for younger people, so we don't lose them to Sydney and other capital cities."
Both the number and total value of DAs and DA modifications in Lake Macquarie fell to their lowest levels since at least 2019.
However, Mr Antcliff said this was more a reflection of the bigger picture across Australia, rather than an isolated issue.
"We're still one of the top LGAs in the State, behind only Central Coast in terms of the number of development applications we've assessed over the past 12 months," he said.
"Median DA processing times remain low, at 23 days, but we can only assess what's put in front of us."
South-west Lake Macquarie continued to firm as one of the Hunter Region's most significant growth areas, with Morisset home to the highest value of new DAs approved ($49.6 million), and Wyee Point ($31.4 million), Wyee ($30.7 million) and Cooranbong ($27.6 million) all in the top 10 suburbs.
Lake Macquarie Mayor Adam Shultz said he was optimistic for the year ahead, with interest rates easing, and new Council measures approved earlier this month to attract new investment, such as increased incentives for affordable housing developers.
"The 2024-2025 data shows Lake Mac is in a very strong position and remains a place where people want to build and invest," he said.
"We will continue to work hard, streamline our processes and do what we can to attract further quality development for the good of the city."
Top 10 suburbs by value of approved DAs 2024-2025
MORISSET |
$49,600,641 |
BOOLAROO |
$34,998,471 |
EDGEWORTH |
$34,289,424 |
WYEE POINT |
$31,395,830 |
WYEE |
$30,697,568 |
SPEERS POINT |
$29,975,006 |
CHARLESTOWN |
$29,492,544 |
COORANBONG |
$27,605,831 |
BELMONT SOUTH |
$25,655,709 |
WARNERS BAY |
$21,002,335 |
