More than half a billion dollars of new private investment was approved for Melbourne’s CBD in what the Victorian Government has dubbed Super Tuesday.

Today marked the largest number of private residential permits ever made on one day by the state government, with 248 storeys of new high-rise apartments fast tracked.

Planning Minister Matthew Guy said the release of the five towers with a combined height of 810 metres would provide more options for new home buyers and stimulate investment in construction.

“Demand in Melbourne’s high-rise, high density market is strong with recent surveys showing Melbourne now having more apartments being sold than Surfers Paradise,” Mr Guy said.

The move will create nearly 2100 new apartments, $557 million in new construction work and up to 4000 new construction jobs. It follows recent reports of a significant upturn in confidence amongst Victorian builders and construction companies.

The permit approvals include: 

• 127-141 A’Beckett Street, 632 apartments, 63 storeys, 196 metres high, worth $164 million;
• 464 Collins Street, 185 apartments, 55 storeys, 181 metres high, worth $100 million;
• 398 Elizabeth Street, 466 apartments, 55 storeys, 178 metres high, worth $135 million;
• 420 Spencer Street, 438 apartments 38 storeys, 131 metres high, worth $70 million; and
• 395 Dockland Drive, 360 apartments, 18 storeys, 61 metres high, worth $88 million (a total of 122 metres of development).

Master Builders Association of Victoria CEO Radley de Silva welcomed the fast tracking of these projects.

“Today’s announcement is a significant step forward for a wide number of construction companies, subcontractors and manufacturers,” Mr de Silva said.

“It represents a strong vote of confidence to kick-start much-needed investment and create more construction jobs right across our sector.”

Mr Guy said the approvals reflected the new Plan Melbourne policy.