Infrastructure initiatives to drive new growth areas: Enzo Raimondo

GUEST OBSERVER

The Real Estate Institute of Victoria has backed new initiatives announced by the State Government today, including significant road and rail investment across the state. 

The $10.4 billion investment in public transport and road projects will drive growth across the city and regional Victoria. 

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.

The REIV also welcomed a further $75.4 million for services and facilities in Melbourne’s outer suburbs and growing regional communities.

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. 

Significant new Budget measures include $2.9 billion for Melbourne’s Metro Tunnel, $1.46 billion for the Western Distributor, $924 million for new and upgraded schools and $982 million in improvements to the state’s health system.

The REIV also backed the State Government’s commitment to streamlining the planning process.

This includes creating an online portal for applications, improved zone controls and faster approvals in commercial and industrial zones.  

The State Government also announced changes to land tax and stamp duty for overseas buyers of Victorian property.   

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.

The REIV would like more Victorians to have access to home ownership and we call on the Government to consider greater assistance, especially for first home buyers.

‎Enzo Raimondo is chief executive officer of The Real Estate Institute of Victoria.