Infrastructure investment to benefit residential property owners
The state government's budget has been welcomed by property players as it will benefit the residential property sector, according to the Victorian branches of the Property Council of Australia (PCA) and the Housing Industry Association (HIA).
Changes to the budget will include a $224 million dollar investment in Melbourne's east-west link, which is essential for managing population growth, said Victorian Property Council executive director, Jennifer Cunich.
"The creation of a new Department of Transport, Planning and Local Infrastructure is warmly welcomed by the property sector as it signifies a deep recognition of the importance of cooperative planning across three critical crossover portfolios," Ms Cunich explained.
HIA Victorian executive director Gil King had similar sentiments, saying: "Road, rail and community infrastructure are all vital to encouraging people to build new homes."
Both groups show support for the infrastructural changes as they encourage investment in, and the purchase of residential properties.
However homeowners may feel the pinch from increases to Stamp Duty, Land Tax, the Fire Services Property Levy and the Car Parking Levy, which will increase revenue for the government by over $2 billion.