State of Markets – VIC September 2012
Essential information, plus expert insight on what is shaping the national property market...
VICTORIA
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Capital zone to see 50pc expansion
Melbourne’s ‘capital city zone’ will eventually be expanded by more than 50 per cent when 240 hectares of land are rezoned, the Victorian government announced recently.
The rezoning is expected to accommodate around 25,000 jobs and 50,000 residents.
Frank Callaghan, managing director of Frank Gordon Real Estate, said the rezoning would comprise two separate projects: the Fishermans Bend area, which was a long-term project that could take up to 25 years, and the Montague area, which was far more pressing.
“The only way that an investor could get in at the moment would be to purchase an industrial property and wait for it to be rezoned,” Mr Callaghan said.
The developments were “wonderful” for the area’s property market, and the planned mixture of older building and new complexes was “doable and well designed”, he added.
Latrobe Valley tipped for growth
Latrobe Valley, main service area for the Gippsland region, has been targeted for wide-scale infrastructure and investment development, according to a recent report.
With broad industries, including dairy, horticulture, forestry, aviation, manufacturing and resources, the area will require ongoing development if it is not to hit a block, according to the state government’s Latrobe Valley Industry and Employment Roadmap.
Deputy Premier Peter Ryan said the region is one to watch due to its being rich in natural resources, which will push the area into the sights of many investors.
It also “has many infrastructure, workforce, cost-competitive and lifestyle advantages”, Mr Ryan said of the area’s diversification.
Included in funding for the area is a $171.9 million regional rail network and a $22.7 million Warragul Station Precinct Project.
A blueprint for the management of population growth, through future land use and transport, has also been outlined, pointing to growing accessibility for the area, increased bus services and numerous road improvements, including bypasses and duplications.