Cooranbong Tops $1.3 Billion Lake Mac Development List
The once-sleepy town of Cooranbong is fast emerging as one of the region’s growth hotspots, taking out top place for the second year running in a list of Lake Macquarie suburbs with the highest value of approved development.
Cooranbong accounted for $195 million worth of approved development in the 2022-23 financial year – almost 15 per cent of the city’s $1.3 billion total.
Neighbouring Morisset was sixth on the list with $59 million worth of development.
Lake Macquarie Mayor Kay Fraser said that with its capacity for new housing, proximity to the M1 and rail and major developments like the Cedar Mill precinct already in the works, the city’s south-west had been identified as a key growth centre for NSW.
“There is incredible potential in this part of our city, and it is good to see developers and investors realising this,” she said.
Cr Fraser said a Morisset Place Strategy under development would help guide future development and growth in the area.
“This is an area of strategic significance for population and jobs growth, but we need to ensure it is the right type of growth and the right type of development,” she said.
Charlestown, Edgeworth, Warners Bay and Belmont rounded out the top five suburbs for the highest value developments in the past financial year.
Lake Macquarie City Council Manager Development, Assessment and Certification Amy Regado said Council approved 2383 DAs in 2022-23, down on the 2021-22 peak of 2763.
Key approvals included a $29 million health services facility at Charlestown, multiple approvals worth a total $29 million for the new Watagan Park Town Centre in Cooranbong, and multiple DAs worth $50 million for a total 170 new homes on George Booth Drive at Cameron Park.
The median time taken to process a DA in Lake Mac has dropped by almost 40 per cent in the past four years, from 28 days in 2018-19 to just 17 in the past financial year.
“Timely decisions on DAs are a key factor to ensure housing can be delivered as quickly as possible,” Ms Regado said.
“Fast processing times also reduce the risk of the financial shock that comes with delays in processes like DA assessment.”
“We’re constantly working with the development industry and our community to understand how they are affected by supply chain issues, rising interest rates and increasing costs of living, and how our actions and decisions can take these into account.”
Council approved almost 400 new homes across the city over the past 12 months.
Ms Regado said Council was working to increase necessary housing stock by promoting ‘infill’ housing in established suburban areas, investigating rezoning in some places to allow for medium density development, and expediting DA processing times.
Go to shape.lakemac.com.au to provide feedback on the Morisset Place Strategy.
