Property prices in Melbourne are sliding, but increased infrastructure spending is poised to make some of the city’s most livable suburbs even more desirable.
In this series, we look at the suburbs most likely to experience price gains thanks to large, future and current, government infrastructure projects across Melbourne.
New Developments in Melbourne
Not to be outdone by Sydney, Melbourne is building an $11-billion Metro Tunnel, the city’s biggest rail project since the City Loop was built in the 1970s.
But unlike Sydney, the Melbourne infrastructure project is focused on easing congestion through the inner city rather than the surrounding suburbs.
This could make the project more appealing to younger new home buyers and investors in Melbourne who are looking for both lifestyle and growth opportunities.
St Kilda, an undisputed gem of Melbourne with its colourful history, currently has one of the busiest tram lines in the world. The new Metro Tunnel will ease congestion in St Kilda and make travel to the city’s CBD easier.
One of the most interesting features of the project is a platform-to-platform connection between trains and trams at South Yarra, which will benefit commuters from St Kilda. This new tram line could provide a good return for both the South Yarra and St Kilda property market.
Where the new Melbourne stations will be:
- North Melbourne
- Melbourne CBD
- Town Hall
- South Yarra
While Melbourne might be in the midst of a property downturn, the latest figures from CoreLogic show the Melbourne market has fallen 10 per cent year to date, history shows prices will turn, and given Melbourne’s livability it could be anytime.
Speak to a Melbourne Mortgage Broker to find out how the South Yarra and St Kilda infrastructure plans can impact your first home or investment plans.