The seven Melbourne suburbs to benefit from the budget: LJ Hooker

The seven Melbourne suburbs to benefit from the budget: LJ Hooker
The seven Melbourne suburbs to benefit from the budget: LJ Hooker

The federal budget has paved the way for Melbourne’s suburbs to shine, underpinned by the infrastructure package and improving access to employment hubs.

LJ Hooker national research manager, Matthew Tiller, said that the capital works injection and low interest rates are expected to provide a lift for property markets near the major project zones.

“The infrastructure package will help alleviate housing affordability issues by bringing new housing markets closer to centres of employment,” he said.

“A number of the projects will help ensure employment opportunities are evenly spread across cities and regional areas and ensure housing demand and price growth is not distorted,” said Tiller.

LJ Hooker’s state manager for Victoria, Paul O’Regan, said that fringe and outer suburban markets will benefit the most, including:

  1. Richmond

  2. Collingwood

  3. Abbotsford


  4. Brooklyn

  5. 
Tottenham


  6. Sunshine

  7. Footscray

He believes these areas will be the “major beneficiaries” of the spending, and will come onto investors’ radars.

“Those who purchase property in the outer suburbs will see the social and lifestyle benefits of having a shorter commute to work, alleviating pressure on the inner city areas,’’ he said.

Tiller said that the $1 billion for East-West Link Stage 2 will lessen congestion on the Monash West Gate Freeway.

“Surrounding suburban streets will be spared the current ‘rat running’ but it’s accessibility to the CBD for western suburbs residents which will be the catalyst for further development,’’ he explained.

The current price growth experienced in Melbourne is also expected to continue in the capital.

Other major projects that should see property markets doing well across the country include the Badgerys Creek airport, the 33 kilometre Westconnex and the Toowoomba Bypass.

Jennifer Duke

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

Tags: 
Melbourne Infrastructure

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