Infrastructure developments in Melbourne offer chances for investment
Opportunities to property investment in Melbourne are beginning to pick up, as the Victorian coalition government begins developments outlined in their blueprint 'Plan Melbourne', which has been created to outline the various growths expected to be undertaken around the city.
The East Werribee Precinct Structure Plan, for example, aims to deliver a new precinct which will provide more than 58,000 new jobs into the region and contribute over 7,000 new homes for the people of Melbourne.
This precinct's development is one of six suburban National Employment Clusters, which are set to help spread "major job centers" across the city, according to Premier Denis Napthine.
"A fundamental element of Plan Melbourne is delivering jobs and investment to maintain Melbourne's competitiveness. We will ensure we have a strong, well-located land supply for residential, commercial and industrial investment," said Mr Napthine in an October 7 statement.
"This precinct is the largest commercial precinct on government owned land in Victoria's history, with the extra benefits of access to a major freeway and proximity to ports and two airports."
There has been an additional $32.7 million set aside for the development of arterial road development and local infrastructure growth within the precinct.
"Early delivery of crucial transport infrastructure will attract businesses to the development, which is already undergoing a transformation through the redevelopment of Werribee Mercy Hospital," said Mr Napthine.
The delivery of these projects will encourage the growth of local business and residents, helping to stimulate the economy.
This highlights a number of investment opportunities in both commercial property and residential real estate, allowing smart buyers to secure themselves a slice of an up-and-coming area in Victoria's capital city.
Many of the houses will be medium to high density living arrangements, which could be perfect for rental properties in the city. Furthermore, as the population is set to grow steadily in the coming years, housing will be in high demand in areas that offer mass employment.
Minister for Roads Terry Mulder stated that the precinct was already home to a number of medical, educational and agricultural facilities, with further development aiming at increasing employment options in the area.
"This government is committed to getting on with the job of providing key infrastructure to new precincts, and this project is meeting that obligation to the community," said Mr Mulder in an October 7 statement.