In today’s blog we are going to discuss a State Government Plan that has been introduced to manage growth and change across metropolitan Melbourne and the surrounding regions. The main objective of this plan is to protect the livability of the established areas and ready Victoria for a population of 5million which is expected to be reached by 2025.
The great thing about this plan is that as property investors, it gives us an insight into which areas the State Government is going to place infrastructure spending (see map) and therefore the areas most likely to see a spike in locally concentrated population growth and therefore demand for housing. This, along with the livability of the locations increasing and the gentrification that will most likely occur, gives us an ability to select locations that have the highest likelihood of above average capital growth.
The plan alone is not enough though; at Nyko Property we contact the local councils of these Central Activity Districts or Major Activity Centres and obtain the Structure Plan for that suburb. This gives us actual locations within those suburbs that the infrastructure spend and beautification will be occurring. It also shows us the actual projects that will be taking place, some of which have already been completed, down to dollars spent and likely outcomes.
A great example of a Central Activity District in the Melbourne 2030 Plan is the suburb of Footscray. Being only 7km from the CBD, Footscray is going through major gentrification and has over $52million worth of Government projects either complete or in the pipeline. It has existing transport links which are being improved and convenient road networks into the CBD and the airport. A good example of the type of project that will benefit from the plan is Nyko Property’s NRAS project in Footscray which takes full advantage of the new infrastructure and demand. Click here to view more info on the project and the Footscray Renewal Program.
If you are considering investing in property and have not read up on the plan, you should. You can go to the Government Site here for more info or here for the updated plan named Melbourne @ 5million.
For any questions on how the plan affects property investors in Melbourne contact the team at Nyko Property.
Bill Nikolouzakis – Nyko Property