Buying property around future infrastructure projects is real estate investing 101 and something any decent buyers agent looks out for. The Andrews Government approved the largest infrastructure project in Victorian history which presents a unique buying opportunity in todays real estate market.
What is it? five new train stations, two nine-kilometre tunnels and will carry 20,000 extra passengers during peak hour.
Proposed Cost: $11 Billion. Nearly 100 property’s will be acquired for the project.
Benefit: The Metro Tunnel includes five new underground stations, with two new city stations directly connected to Flinders Street and Melbourne Central: Arden, Parkville, CBD North, CBD South & Domain. Sixty Five new High Capacity Trains will run through the tunnel, freeing up more trains across the Melbourne rail network.
Completion: Subject to the necessary planning and environment approvals, construction is expected to commence in 2017, with the project anticipated to be completed and operational in 2026.
This will be the largest public infrastructure project in Victoria’s history – the Melbourne Metro Rail – to bring our city up-to-speed with the world’s best.
The extra services will be welcomed as our city’s population is forecast to increase to seven million by 2013. Melbourne is growing fast – we’re seeing apartments erected in the city and new housing estates emerging in the fringes each day. Yet the increased volume of people is playing havoc on our roads where traffic congestion woes are worsening.
Rail infrastructure generally lifts the value of properties in a suburb. Train stations are often located within commercial hubs, and give people cheap, easy access to work and leisure.
So, if you are looking to achieve relatively strong growth on an investment or family home, it may be best to buy near a station.
10th of May, 2016. By Mark Ribarsky