4 ways Melbourne is preparing for the future
Melbourne is well on its way to overtaking its big sister Sydney in every respect, from number of residents to economic growth and industry. Melbourne is home to the Australian Open, Formula 1 Grand Prix and Aussie Rules football. Then there’s some of the country’s most respected schools and universities, and the inner city’s thriving hub of art, food and fashion. It’s easy to see why people are flocking to Melbourne in droves, determined to make Australia’s cultural capital their home.
So, what are Melbourne’s city planners and government officials doing to prepare for the future?
1. More housing approvals
In 2014-15, Greater Melbourne boasted the country’s largest number of building approvals, with more than 55,000 residential premises approved. In the outer suburbs, detached homes made up 70 per cent of approvals, while inner city development is focused on apartments and townhouses that maximise the available land and position people close to key amenities such as public transport, restaurants and shops, and most importantly, employment centres. With properties more reasonably priced than comparative offerings in Sydney, a move to Melbourne affords buyers the opportunity to enjoy urban living in a vibrant economic and cultural hub.
2. Strong economic growth
The state of Victoria holds a triple-A credit rating with Moody’s Investors Service, owing to its strong economic growth and manageable debt. Because the Victorian economy is underpinned by a diverse range of industries—from insurance and banking, through to manufacturing and tourism—it is well placed to weather national or global downturns. The latest Moody’s report reveals that the Victorian economy grew by 3.3 per cent during the 2015/16 financial year, outperforming the national average of 2.8 per cent.
3. Positive housing policies
The state government has also announced new housing policies that stand to have a positive effect on the Victorian real estate market in the future. For first home buyers, stamp duty has been abolished on existing properties under $600,000. Off-the-plan sales also benefit first home buyers as significant stamp duty savings are still available to them that are not available to investors.
4. Melbourne’s infrastructure and transport
As Melbourne expands, massive infrastructure spending will ensure that the city’s roads keep up with the increased load. For those travelling on public transport, construction of the Metro Tunnel project is underway and once finished will add much needed capacity, and more efficiency, to Melbourne’s train network.
These measures represent just a few of the projects and plans Melbourne has underway to ensure it is well-placed to meet the demands of the future and retain its famous liveability.
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05 November 2018 News