800 apartments flood Melbourne property market
Melburnians on the hunt for residential property are likely to be interested in a multimillion-dollar state government initiative to deliver more housing options in the inner-city area.
Announcing the acceleration of two real estate projects on Monday (November 12), planning minister Matthew Guy said more than 800 apartments will be built in Melbourne's CBD - one of the state's most in-demand real estate locations.
The minister said living in close proximity to the city had a multitude of benefits including convenient access to employment opportunities.
"Private industry investment is a testament to the confidence in the Victorian Coalition government's economic credentials and these two developments demonstrate Melbourne continues to be a prime location for investment," Mr Guy explained.
"The Melbourne CBD provides immediate access to public transport, to Melbourne's great retail centres and vibrant laneway culture continuing its appeal for a growing residential population."
The two housing projects, which are located at 450 Elizabeth Street and 316 Queen Street, will become home to thousands.
Property investors may also be interested in the developments, with apartments in the city commanding higher rents than the city's outer suburbs, which deliver better returns for owners.