Dear Fellow Property Investor,
Did you know that an extra 60,000 homes will be built in 10 established Melbourne suburbs with existing public transport connections and retail options?
Victoria’s Planning Minister Sonya Kilkenny said authorities would introduce planning controls by the end of next year to allow for more dwellings to be built.
Areas chosen are Broadmeadows, Camberwell Junction, Chadstone, Epping, Frankston, Moorabbin, Niddrie (Keilor Road), North Essendon, Preston (High Street) and Ringwood, tender documents from the Victorian Planning Authority show.
“They’ve been selected because of their strategic significance and their potential to deliver more homes in areas that are really well serviced by transport, by services, they’re well connected,” Ms Kilkenny told reporters on Tuesday.
The documents do not reveal the estimated costs of building the homes or when they are set to be completed.
They do reveal the 10 initial areas will guide investment in community infrastructure with the total number of ‘activity centres’ expected to increase to 120.
Chadstone, home to one of the southern hemisphere’s largest shopping centers, has a bus interchange but does not have a train station or access to trams.
The commitment to build 60,000 new homes in those 10 suburbs is part of the government’s housing statement unveiled by former premier Daniel Andrews.
So what are the implications of all this with respect to the future Capital Growth Potential of these 10 suburbs?
And will these changes, and more specifically an increase of future stock have a positive outcome on prices?
Find out by attending the upcoming Melbourne Real Estate Investing Fast Track weekend now!
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