The world’s largest land acquisition project has received the green light to begin clearing land in Newhall, Australia, a project that could have a huge impact on the way Australians live, work and play.
According to a report from the Australia Institute, which describes itself as a think tank that “looks at Australia’s future, its development, and the role of government in providing solutions,” the $1.5 trillion Land Transformation Project is expected to reduce the amount of land in Australia by almost a third over the next 50 years.
The plan to build the project has already been approved by the Australian Government, which means it is on track to begin construction next year.
But it could be years before it’s fully operational.
The land acquisition plan will take land that was once privately owned and turn it into a public park, as well as create a vast greenbelt that will stretch from the CBD of Melbourne to the remote and sparsely populated outback of Western Australia.
The Land Transformation Plan, which is to be built by the University of Newhall in partnership with the state government and the state’s Department of Agriculture, is estimated to save taxpayers more than $100bn.
The government is paying $60 billion to the university over the coming decades.
The $100 Billion Land Transformation project has been in the works for more than a decade.
And, for good reason.
Australia is one of the world’s biggest land acquisition projects, with some $1 trillion worth of land being acquired.
According to the government, the country is one that has the lowest average cost of acquiring land per hectare of land per year.
The cost per hectar of land acquired in Australia is $6.65, according to the Department of Finance, which says that the average cost per land parcel in Australia has been hovering around $2,500 per hectarc.
The biggest cost to land acquisition is the cost of the land itself, which will increase by almost $1,000 per hectarrond by 2050.
The Government estimates that by 2050, the average land parcel will cost $4,500 to $6,500.
That cost will increase even further as land is cleared to create new subdivisions.
According the Australia Centre for Economic Analysis, by 2050 about 65 per cent of Australia’s land will be managed by private land owners.
That’s because the land will have been used for agriculture, industry, housing and, in some cases, for a number of other purposes.
That’s the biggest concern with the new project, which could cost the country around $300 billion to $400 billion to develop.
In the short term, the project is expected not to affect existing residents in Newham, according the report.
It’s just expected to impact people moving to a new area and making a new life for themselves in Newhaven, the report said.
“The plan is to allow people to live and work where they want to live,” one of Australia Institute’s research fellow, Tom Treadway, told Mashable.
“People will move from their current place of residence, or the land where they are living, to a different location, in a new neighbourhood.
So it will be really exciting for people in Newborough to be able to live in their new home, and to move around and do things they have always done.”
The report also noted that the cost per acre of land will drop from about $2.5 to $1 a hectare, and that the area will be used to house the new homes and office buildings that are to be constructed.
“That land is going to be a massive asset for the future of Newhaven,” Treadone said.
According Treadways report, Newhall will also benefit from increased economic activity.
The new residential area will provide an opportunity for businesses to locate, expand and attract investment to the area, which in turn will create jobs.
“It’s going on the right side of the Australian economy,” Treading said.
“Newham is already a centre of innovation and has a lot of talent.”
The Australia Institute estimates that around 8 per cent to 12 per cent percent of the area of Newham will be available to the development.
The land that will be cleared will create a large new town area that will provide a major opportunity for commercial development, Treadwell said.
Newhall is currently the biggest town in Australia, with over 6,000 residents and is a regional centre of the state.