$9.3 million allocated for Melbourne growth areas
The new Community Infrastructure Fund will provide $9.3 million for 14 projects in Melbourne's various growth areas, Planning Minister Matthew Guy announced. The money will provide funding for community, health, sport, arts and education projects across Melbourne.
First priority will be given to projects in Melbourne's outer urban growth areas and significant urban renewal. It will also target Metropolitan Activity Centres in Dandenong, Footscray, Sunshine and Ringwood, among others. These are areas that have been identified as experiencing a heavy surge in residents, which will be of particular interest to those considering investing in residential real estate.
Around 75 per cent of Victoria's future population increase is poised to take place in metropolitan Melbourne, and those areas currently experiencing population gain are seeing increasing demand from communities for infrastructure and services.
Fund covers a variety of projects
The projects being planned cover a wide scope of initiatives in a number of areas.
The first round of funding of $3.15 million will divvy $1 million out to Melton for kindergartens, child health and family support buildings. It will also grant $1 million for a new community building and remodelled sports pavilion in Doreen, $872,000 for a number of public buildings in Officer and $60,000 for a learning centre, an Aboriginal service and community hub in Wyndham, among others. Wyndham and Melton are two of the six areas that are expected to make up 64 per cent of Melbourne's population growth.
"The Victorian Coalition Government is committed to investing in areas of high population growth. This funding will directly benefit local community groups, not-for-profits organisations and most importantly the residents who live in these communities," Mr Guy said.
Around 36 per cent of population growth is expected to take place in parts of Melbourne where facilities are already at capacity.
Melbourne works for tenants too
With all of this activity taking place, those weighing up whether to move and rent a house in Melbourne also have more reason to finally take the plunge. Though rents have seen an up-tick in Melbourne, the city still has the second lowest rents of all the mainland capitals after Adelaide.
Its current vacancy rate has also stayed steady the last two months at 2.8 per cent, up from 2.1 per cent in March. This means tenants don't have to fight as hard over scarce rental accommodation as they do in other cities.
Whether you're an investor or a renter, Melbourne may offer intriguing opportunities for you.