Melbourne set to benefit from infrastructure funding boost

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After already predicting strong things for Melbourne’s outer suburbs, the Real Estate Institute of Victoria believes a sizeable infrastructure funding boost from the Victorian government will result in even more positives for the area.

In the recent State Budget the Victorian Government pledged $10.4b worth of funding for infrastructure projects, which the REIV believes will have a marked impact on the performance of Melbourne’s outer suburbs.

“Given the significant growth in Melbourne’s outer suburbs in the past two quarters, improved road and rail infrastructure will drive continued price growth in areas further from the city and within commuting distance of the CBD,” REIV chief executive officer Enzo Raimondo said.

“With estimated population growth of about 100,000 people each year, amenities investment in suburbs more than 20km from the city is necessary to ensure these suburbs remain attractive for home buyers,” Raimondo said.

In particular, the REIV welcomed $2.9 billion for the Melbourne Metro Tunnel, which will provide underground rail access to the Melbourne CBD from both the city’s east and west.

Road access to the city’s western suburbs will also be improved with $1.46b directed towards the city’s Western Distributor project.

The government also allocated $924 million for new and upgraded schools and $982 million in improvements to the Victorian health system, with $75.4 million specifically earmarked for services and facilities in Melbourne’s outer suburbs and growing regional communities.

Raimondo also supported the government’s decision to hit foreign buyers with increased stamp duty and land tax charges.

“Victoria is the most liveable city in the world and it’s important that these buyers contribute to ongoing infrastructure development and amenities.”

“Duty increases for overseas purchasers will help enhance the city’s housing stock at a time when our population is growing faster than any other capital city.”

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