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Home»News»‘Land banking’ developers face huge rate rise
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‘Land banking’ developers face huge rate rise

Brodie CowburnBy Brodie Cowburn6 May 2025Updated:15 May 2025No Comments2 Mins Read
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FRANKSTON mayor Kris Bolam on a vacant block of land in Frankston. Picture: Supplied
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OWNERS of vacant land in Frankston’s city centre are set to face big rate increases.

Under a proposal put forward by Frankston Council, vacant properties within the Frankston Metropolitan Activity Centre and along the Nepean Highway would be subject to a differential rate three times higher than the general rate. Frankston mayor Kris Bolam said the proposed change would address “land banking” and encourage developers to build.

“There are several key locations across our city that have remained vacant since the early 2000s. This kind of tactical underdevelopment is no longer sustainable, so the council is taking steps to counteract the practice of land banking,” he said. “Land banking in strategic nodes of our city centre, and along the Nepean Highway stretch, is harmful and preventing much-needed infrastructure – such as hotels and more permanent housing options – from being built. This is the kind of investment that our community desperately needs”.

Council estimates that there are more than 50 parcels of vacant land along the Nepean Highway and within the Frankston Metropolitan Activity Centre. The proposed differential rate for these sites is 300 per cent of the general rate for the 2025-2029 period, up from 125 percent between 2021 and 2025.

To comply with the state government’s rate cap, Frankston Council can only raise the amount it collects from rates by three percent in the next financial year. The proposed differential rate would mean ordinary residential and commercial rates will rise by around two percent, Bolam says. “This isn’t extra income for the Frankston City Council coffers – any revenue raised through this new scheme will be strictly purposed to reducing the overall contribution needed from residential and commercial ratepayers,” the mayor said. “My message to those holding onto key parcels of undeveloped land is simple: do something with it or sell it to someone who will.”

Submissions are open until 24 May. To view council’s rate plan and make a submission visit engage.frankston.vic.gov.au/council-and-wellbeing-plan

First published in the Frankston Times – 6 May 2025

frankston Frankston Council Frankston Times Land banking rate increase
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Brodie Cowburn
Brodie Cowburn

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