Urban Renewal Highlights Residential Appeal In Melbourne
The Victorian government's recent announcement regarding the rezoning of Melbourne's capital city zone may serve as a catalyst for residential property investment in the area.
The construction of 5,000 apartments over the next ten years provides keen investors the opportunity to enter a thriving market in its development stages.
"This rezoning expands Melbourne’s capital city zone by more than 50 per cent and is expected to accommodate around 25,000 jobs and 50,000 residents," said Minister for planning Matthew Guy.
"There will also be significant productivity benefits from more people locating close to jobs and services in the central business district, Southbank and Docklands," Mr Guy said.
This will open the door for commercial investment as well – with roughly 13,500 people expected to be employed during the construction phase and with a steady stream of new residents there will be plenty of retail prospects and new business opportunities.
"Urban renewal in Fishermans Bend will boost Melbourne's economic growth and secure jobs and investment in Victoria, not just now but for the next 30 years," Mr Guy said.
The site is a prime location for high-density living, offering investors and potential renters an excellent residential location.