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How Victoria’s Infrastructure Big Build Is A Boon For Growth Corridors

The pace of development in Melbourne and regional growth corridors remains high and building activity continues to accelerate.

 

The delivery of major new infrastructure projects is a key driver of residential development and building activity.

 

Projects are also crucial to catering for the State’s growing population and will shape the future of both existing and future communities.

 

Roads, rail and other transport links are considered very carefully when buyers are choosing where to live and where to invest.

 

And this is for good reason.

 

In addition to improving liveability, infrastructure projects influence and drive property markets and can significantly increase investment returns.

 

For example, a metropolitan area or a regional town that has been experiencing only steady or no population growth today can become a focus of growth tomorrow if the right transport infrastructure unlocks its potential.

 

Oliver Hume pays close attention to the nature, scale and timing of infrastructure projects in growth areas and how these projects can affect markets over the short, medium and long-term.

 

Victoria is currently experiencing record levels of infrastructure investment and these projects will shape the future growth of the State while positively impacting property markets.

 

Various large-scale projects will span the broader metropolitan area.

 

These include:

 

  • Melbourne Airport Rail - a major transport project connecting Melbourne Airport to Victoria’s regional and metropolitan train network
  • Metro Tunnel Project - a large-scale project that will untangle the City Loop and allow more trains to run more often across Melbourne. The project will bring more trains to suburbs and reduce travel times
  • Suburban Rail Loop – a major infrastructure project that will enhance liveability, productivity and connectivity of Melbourne by connecting Melbourne’s middle suburbs by rail.

 

 

North Growth Corridor

 

Several road and rail projects spanning Melbourne’s north, including the northern growth corridors, will improve transport links and reduce traffic on local roads.  Major projects include the North East Link, the biggest ever investment in Melbourne’s north-east, and the Hurstbridge Line Duplication.

 

 

West Growth Corridor

 

The new West Gate Tunnel will provide an alternative to the West Gate Bridge and will help reduce congestion while also removing trucks from residential streets.  As part of the project, the West Gate Freeway will be widened from 8 to 12 through lanes.

 

 

South East Growth Corridor

 

Billions of dollars are being invested to reduce traffic on local roads and increase train services in the south east.

 

Current infrastructure projects include the Monash Freeway Upgrade, which will see extra lanes added, and the Cranbourne Line upgrade, which includes a new train station.

 

 

City of Greater Geelong

 

Planning work is underway for Geelong Fast Rail which will deliver travel times of around 50 minutes between Geelong and Melbourne’s CBD via a major investment to the Werribee corridor.

 

The project will help to further facilitate the growth of Geelong which remains Victoria’s fastest-growing regional city.

 

The Victorian and Australian governments are also investing in several major upgrades along the Geelong Line to facilitate faster, more frequent and reliable services.

 

Tags: New development Research Community