Victorian roads boosted by budget funding
Developing infrastructure is an important drawing card for people interested in property investment in Australia. Rental real estate located close to local amenities could be more successful when attracting potential tenants, which may be good news for those considering Victoria investment property in the near future. Treasurer Michael O'Brien announced plans for road funding across the state, which could highlight the potential for great real estate deals in the coming months.
The upcoming State Budget is expected to include an additional $130 million over the next four years for road maintenance and restoration across the Victorian state, with Mr O'Brien stating the extra funding will be going towards projects in both Melbourne and the wider regions of the state.
"The Coalition government is building a better Victoria by not only delivering new job-creating infrastructure projects, but upgrading and maintaining our existing assets, including our extensive road network. This is another example of how the Coalition government is investing in better, safer roads for Victorians," said Mr O'Brien in an April 26 statement.
From the $130 million, $50 million will be dedicated towards capital restoration works while a further $80 million has been earmarked for maintenance and resealing. This will not only help to create jobs across the state, but also ensure the longevity of the roads and maintain their structural integrity for the future.
Minister for Roads Terry Mulder said the funding will ultimately make Victorian roads a safer, more enjoyable place to be - especially with the funds available to take care of complications as soon as possible. In fact, the funding boost puts next year's road management budget at more than half a billion dollars, to ensure Victoria's roads remain up to scratch.
These developments could be especially important as the resource and construction industries continued to grow and develop across the region. With the potential growth in travelling need rising, it's necessary to ensure there are clear, safe routes across the state for workers to travel along unhindered.
Furthermore, investment in metropolitan rental properties located near well-maintained roads and public transportation routes will help provide potential tenants with an answer to their daily work commute. Easy access to the local amenities and their workplace is one of the main factors considered by many people before they commit to a rental property, which highlights the necessity of purchasing and maintaining well-connected property.