After years of anticipation, the Beveridge North West Precinct Structure Plan (PSP) has been approved, unlocking one of Melbourne’s most significant growth opportunities in the northern growth corridor.

For many landowners and developers, this milestone has been more than 15 years in the making. With the PSP now in place, work can begin on shaping a new community that will include 15,000 new homes, eight schools, and nearly 80 hectares of parks and sports fields.

Major developers active in this precinct include YourLand and Resimax, alongside a large holding by Yarra Valley Water, which will form the centrepiece of the development.

A turning point for Victoria’s greenfield strategy

The Beveridge North West PSP approval comes as momentum builds across Victoria’s long-term greenfield housing strategy. Recently, precincts including Clyde South, Derrimut Fields, and Merrifield North have also been earmarked to commence in 2025-26. These mixed use precincts balance residential housing supply with local employment opportunities, supporting more sustainable community growth.

Across these priority precincts, land values are rising and deal terms are tightening as developers act on the improved certainty around delivery timelines. Behind the scenes, landowners are repositioning their holdings to capture the upswing – often with research-backed guidance from RPM T&A to navigate the complex mix of planning, infrastructure, and market dynamics.

Housing supply, immigration, and the pressure on PSP delivery 

Victoria’s immigration driven population growth is placing sustained pressure on housing, making PSP delivery critical to maintaining supply. The state’s target of 180,000 new homes over the next decade depends on projects like Beveridge North West moving from plan to reality without delay. Affordable housing, local jobs, and infrastructure all hinge on it.

Yet, PSP approvals have slowed dramatically. In the mid-2010s, the Victorian Planning Authority delivered up to 10 PSPs a year. Over the past five years, that figure has dropped to just one or two annually.

At the same time, the cost of delivering each PSP has skyrocketed from around $700,000 to nearly $6 million – a steep 750% increase. This reflects both declining government productivity and growing land servicing complexity.

The need for faster, more efficient approvals

Developers argue these bottlenecks are inflating holding costs, constraining supply, and deepening affordability pressures. The Beveridge North West PSP demonstrates the potential of well planned greenfield communities to meet Victoria’s growing needs. But it also underscores the need for consistent, efficient PSP delivery.

If Victoria is to meet its housing targets, the pace of approvals must increase. Every delay leaves housing demand racing further ahead of supply.

This article references findings from our Q2 2025 Victorian Greenfield Market Report. Read the full report here.