Despite a government project to rejuvenate Melbourne’s Docklands, a leading real estate expert believes local property values will continue to stall.
The Victorian government has commenced a $16 million project to redevelop Harbour Esplanade on the Docklands waterfront.
Nonetheless, director of Empower Wealth Cate Bakos believes Docklands property is unlikely to climb drastically in value.
Active construction activity in the area has led to a large release of new apartments over the last five years.
“I personally think Docklands will still suffer from an oversupply,” Ms Bakos said.
In part, she believes public transport options around the residential areas of the suburb are too limited.
“We have tram networks in Melbourne, but the Docklands is still a bit of a black zone," she said.
“Until the infrastructure is better, I have concerns.”
The government previously completed works on Harbour Esplanade to realign tram tracks and create dedicated bike and pedestrian paths.
"The vision for Harbour Esplanade is to see it become a significant public space that embraces the waterfront and attracts a wide range of visitors every day of the year," planning minister Matthew Guy said.
Melbourne’s Lord Mayor Robert Doyle said the redevelopment works would help incorporate Docklands into the CBD.
“This redevelopment will lay down the ground work for the city's spectacular waterfront, which will become bigger than Circular Quay,” he said.