Melbourne's inner city area is set to receive five new residential towers following the issuance of a flurry of approvals by the Victorian state government.

The five high-rise residential towers which have obtained approval from the state government will be up to 200 metres in height, and serve as a major boon to Melbourne’s construction sector as well as its inner city property market.

Planning minister Matthew Guy said in a statement that the current round of approvals marked “the largest number of private residential permits made on one day by the state government.”

Guy hailed the positive impact that the high-rise residential developments would have on affordability for Melbourne’s inner-city housing market.

“With the release of these five towers in Melbourne new home buyers and other can once again have confidence that the state government is aggressively tackling the housing affordability issue in outer as well as inner-city markets,” Guy said.

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

Guy also noted that the residential towers would be confined to the inner city and withheld from the suburbs, in order to cater to the living sensibilities of Melburnians.

“Melburnians have made it clear that they want their suburbs protected from high-rise apartment development,” Guy said. “To achieve this we’re delivering density in defined locations like Melbourne’s CBD and the Docklands – not in our quiet suburban streets.”

The five developments are estimated to be worth around $557 million in total and will create over 2000 apartments, as well as generate around 4000 jobs for builders in downtown Melbourne.

420 Spencer Street

420 Spencer Street

The tallest of the residential towers approved will be located on A’Beckett Street and contain a total of 63 storeys, standing 196 metres in height. The project will house 632 residential units and is estimated to be worth $164 million.

The approved towers also include 420 Spencer Street, a National Trust building dating from the 1930’s which was originally built for Australian Glass Manufacturers. A further six floors and 70 apartments have been added to the 32 storeys and 368 apartments that Guy first approved for the site over two years ago.

A $100 million office-apartment tower located at 464 Collins Street opposite the Rialto is another project which has obtained approval, with developer Equiset Grollo expected to retain the facade of the historic three-storey Makers Mark building.

The development will consist of a super-thin high-rise dubbed the “Pencil Skyscraper,” (featured main image) which will stand 55 storeys in height and make use of the innovative H-shape construction technique to deal with the narrow building site.