After 11 years in power, Labor's John Brumby conceded defeat in the Victorian state election.
The Coalition's Ted Baillieu will take over the reins and attempt to improve both the infrastructure and supply problems currently gripping the state.
Mr Baillieu's appointment to office has been widely welcomed by real estate professionals who believe a Coalition-led government will help boost industry growth.
The Australian Industry Group (Ai Group) said Mr Baillieu's appointment was a step in the right direction for Victoria's property sector.
According to Ai Group Victorian director Tim Piper, the group will be looking for action by the newly elected government in the areas of state tax reform, infrastructure, education, research and development, as well as the environment and sustainability.
"Ai Group looks forward to working with the Baillieu Government on behalf of Victorian business as it develops policies to promote business interests and initiatives in the State," Mr Piper said.
"We will work with the new Government on delivering policies to help ensure that Victoria plays a leading role in the national economy and which best serve Victorian industry to create further opportunities for business growth.”
According to Mr Piper, the group has offered a number of policy views to assist the government deliver a boost in productivity and drive economic growth.