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State’s property market to benefit from budget measures

By Staff Reporter
5

A raft of recently announced government initiatives will drive growth across city and regional areas, according to a prominent real estate commentator.

Real Estate Institute of Victoria (REIV) CEO Enzo Raimondo recently applauded the significant new state budget measures, which will include a $10.4 billion investment in public transport and road projects and $75.4 million for services and facilities.

“With estimated population growth of about 100,000 people each year, amenities investment in suburbs more than 20 kilometres from the city is necessary to ensure these suburbs remain attractive for home buyers,” Mr Raimondo emphasised.

The REIV also welcomed the state government’s commitment to streamlining the planning process, which includes the creation of an online portal for applications, improved zone controls and faster approvals in commercial and industrial zones.

The government also announced changes to land tax and stamp duty for Victorian property buyers from overseas.

“Victoria is the most liveable city in the world and it’s important that these buyers contribute to ongoing infrastructure development and amenities,” Mr Raimondo remarked.

“Duty increases for overseas purchasers will help enhance the city’s housing stock at a time when our population is growing faster than any other capital city.

“The REIV would like more Victorians to have access to home ownership and we call on the government to consider greater assistance, especially for first home buyers.”

The new budget initiatives also include a $2.9 billion investment in Melbourne’s Metro Tunnel, $1.46 billion for the Western Distributor, $924 million for new and upgraded schools and $982 million in improvements to the state’s health system.

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