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A massive upgrade of a dairy manufacturing plant in East Melbourne may provide a positive injection to the economy and boost the demand for real estate in Melbourne.
Victoria Premier Denis Napthine announced a $25m upgrade of Rowville's Parmalat Australia dairy manufacturing plant on February 12.
Good news for economy and housing demand
Melbourne home values increased last year and the city is increasingly popular for its vibrancy, education and transport options. With dedicated investment pouring in such as the Parmalat Australia upgrade, it's clear that this will be a city that continues to grow in the future, pushing up demand for quality housing, whether people are looking for houses for rent or for sale.
Dr Napthine also pointed out that the "substantial new investment was an example of how Victoria was well-placed to benefit from the growing economies in Asia."
It's clear that significant business investment is therefore not only promising for the local economy, but may also help reinforce Australia's position as a quality exporter of dairy to overseas markets.
It's anticipated the upgrade will also create 25 new full time jobs, which is great news for the eastern Melbourne suburb as well as the city's economy.
New jobs created
The upgrade will see 25 new full time manufacturing jobs created, according to Dr Napthine. By 2016, this will rise to up to 50 jobs.
Consistent job growth and employment opportunities are a positive indicator to look out for when looking to buy property.
Stable employment growth - among other factors - may help house prices in an area remain stable. Melbourne's strong manufacturing industry was highlighted as a strong point for the state's economy.
Minister for Manufacturing David Hodgett noted that "Parmalat was one of the many success stories within the Victorian manufacturing landscape," in the February 12 release.
"We are committed to facilitating growth, and the Victorian Coalition Government has supported the Parmalat Rowville expansion by assisting with the planning and approvals process," Mr Hodgett stated.
There are various industries that thrive in Melbourne, making it a great place to work, live and play.
Enterprise Melbourne offers various start-up grants for innovative new businesses, with a $30,000 grant up for grabs this year.
Applications open on February 19 and close on March 19.
If you're looking to invest in residential or commercial real estate, consider an area like Melbourne, which has a strong economy and strong capital growth in its housing sector.
