Essential information, plus expert insight on what is shaping the national property market...
New infrastructure to open up regional sites
Significant new infrastructure works are opening up regional Victoria, according to the state Department of Infrastructure and Transport, potentially increasing the attractiveness of some areas for investors.
A $152 million contract has been awarded for a 23km section of highway as part of wider plans for the Western Highway duplication.
The federal infrastructure and transport parliamentary secretary and member for Ballarat, Catherine King, and Victorian roads minister Terry Mulder said the road would be a four-lane divided highway, representing a milestone for the duplication project overall.
“We are working in partnership with the Victorian Government to renew and expand our transport infrastructure to support the national economy, and to better connect people living and working in regional Victoria,” Ms King said.
There will also be a bypass to the south of the Trawalla township, said Mr Mulder.
“The new works will improve the efficiency of freight movement to make the Western Highway much safer for the local communities and for through traffic,” he said.
Melbourne market now oversupplied
Melbourne’s residential property market is now oversupplied and may take years to recover, according to property analyst Michael Matusik.
Speaking at the Urban Development Institute of Australia (UDIA) conference in Melbourne, Mr Matusik said low confidence and high vacancy rates were keeping investors out of the market.
“The Victorian market is now oversupplied with both new and existing stock,” he said. “Melbourne is past its peak and is at 1 o’clock on the property clock. It might take two to three years to recover, at best.”
In addition to oversupply, Melbourne now has the highest vacancy rate of any Australian capital, at over 4 per cent.
“Confidence is low, end prices are high and there are fewer jobs being created.” Mr Matusik said.