Melbourne a viable investment option as economy grows
Now could be the perfect time to consider purchasing commercial property in Melbourne, as the Victorian economy has been touted for its increasing strength in a recent report released by the Australian Bureau of Statistics.
A strong economy is essential to providing the backbone for a good business environment, while also giving a boost to the rate of residential property being inhabited in the region.
With the development of infrastructure to help deal with the increasingly growing state, Victoria is preparing for a great future. Treasurer Michael O'Brien said the state's economy had grown by 1.6 per cent - surpassing the estimated 1.5 per cent in the State Budget.
Furthermore, the Victorian economy has grown by 6.7 per cent since 2009/10, while the labour force in the state has grown by 1.4 per cent.
"Victoria’s growth rate of 1.6 per cent is well above the average growth rate of the non-mining states (1 per cent)," said Mr O'Brien in a November 28 statement.
"The coalition government is managing Victoria’s finances well in challenging times and we have the right strategy to safeguard the state’s economic future."
For example, the evidence of state confidence can be seen in the statistics. The state has had the largest increase in births across the country (8.3 per cent), as well as an overall growth in population (1.8 per cent).
Furthermore, business capital spending in Victoria also rose by 4.2 per cent during the September quarter, which could be encouraging for anyone considering opening commercial property in the state.
The evidence of growth in the region is clear, which could offer a number of opportunities to any smart buyers looking into the Melbourne retail or commercial scene.
It isn't just business ventures have seen improvement, however, as the tourism, dairy and grain industries have all seen growth. These industries have experienced a 2.6 per cent increase in the export of goods and services from the state.
"The coalition government will continue to build for growth by strengthening the state’s finances and making major infrastructure investments to secure Victorian jobs and economic growth," said Mr O'Brien.
"Victoria has a stronger economy because of the coalition government strong and responsible economic management over the past three years."