A new schedule of major infrastructure projects has been announced for Victoria, which may be encouraging for those considering a property investment in Melbourne.
The projects have all been allocated individual funding contributions from the new 2013-14 federal budget, which was released earlier this week (May 14).
The federal budget allows for a significant investment in infrastructure across Australia, enabling a major capital works program that aims to improve the productivity, liveability and sustainability of Australia’s capital cities.
“This government is making the right decisions for the nation’s future, and across the length and breadth of the country is building the infrastructure which will stand the test of time,” reads a statement released by minister for infrastructure and transport Anthony Albanese.
“Federal labor is investing for the future, putting jobs and economic growth first and protecting the important services that Australians rely on.”
A preliminary schedule of new projects for Victoria has now been announced, outlining several that will be delivered over a five year period from 2014-15 to 2018-19.
The Melbourne Metro, an underground railway that will help increase capacity on the Melbourne Rail Network, has received a federal contribution of $3 billion, while the M80 (Western and Metropolitan Ring Roads) project received $525.1 million in funding to upgrade several sections on key highways.
The other projects that make up the schedule are the Managed Motorways, Ballarat Freight Hub and Princes Highway West projects.
In addition, funding from the federal budget has also enabled several other existing infrastructure projects to be completed.
This schedule of new infrastructure projects may prove to have positive flow on effects for those considering a residential property investment in Melbourne, as improved transport and public networks are likely to attract more potential tenants to the area.
If you’re considering expanding your investment portfolio in Melbourne, portfolio management services can help you make a prudent decision regarding the purchase of investment properties.