Melbourne precinct development receives $1 billion funding
Direct investment of $1 billion into the Victorian economy could introduce a number of investment property opportunities in the state, after an announcement by the government to open up lots of land for potential development. As a result, this could lead to more residential, retail and commercial real estate properties in coming years.
Premier Denis Napthine announced the plan earlier in the week (March 18), stating that the program would be a significant economic boost for Victoria, with more than 3,000 direct project delivery jobs being created in the process. Furthermore, another 5,000 indirect jobs through construction will be generated, while another 800 full-time employment opportunities in commercial and retail positions will be available once the project has been finished.
"The benefits resulting from this program will be felt across a range of communities and sectors - and it is all done without taxpayers footing the bill. The Coalition Government will, via a competitive process, release this land for private sector investment and development," said Dr Napthine in a March 18 statement.
Minister for Public Transport Terry Mulder highlighted 10 locations where these developments would be occurring, including Essendon, West Footscray, Watsonia, Collingwood, Ringwood and East Richmoned.
Those areas highlighted are projected to facilitate more than $1 billion through investment opportunities in the coming years, and a further $5 billion in economic stimulus following the successful opening of commercial property across the regions. In addition to this, increased business activity in the state capital could lead to more people shifting to the area, producing positive conditions for residential property investors.
"The program will deliver developments across metropolitan Melbourne of varied scale appropriate to their location, with the community and public transport users benefiting via new and upgraded facilities in the surrounding station and broader precinct," said Mr Mulder in a March 18 statement.
He went on to say the program will provide the right mix of housing, retail, commercial and community spaces, with wide access to public transport. This will turn the various regions into "vibrant, dynamic, liveable and accessible places".
Coupled with the Plan Melbourne initiative, these projects aim to help shape Melbourne into a competitive, global city by 2050. Developments like this are beginning to grow in popularity across the nation, with communities preparing for the expected population boom that is on the horizon.
Furthermore, the demand for more housing options in metropolitan areas is driving the uptake of these projects. Now could be a great time to consider expanding your real estate portfolio in Victoria's capital city.