news

State’s property market to benefit from budget measures

By Staff Reporter

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.

State’s property market to benefit from budget measures
SPI logo
Thank you.

Your enquiry has been sent to a local Aussie Mortgage Broker.

We will be in contact with you shortly.
Opps.

error occurred.
Unfortunately Aussie cannot attend to your home loan related enquiry at this stage as you must be a citizen or permanent resident.
Do you need help finding the right loan for your investment?
What Aussie do for you:
  • Give expert mortgage advice to help you find great investment loan deals
  • Help you maximise return by lowering financing costs
  • Save you time and effort by helping with the paperwork
First name
Last name
Location
Mobile Number
Are you an Australian Resident?
promoted stories

Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
1.
BLUE BAY 49.18%
2.
PAMBULA 43.5%
3.
BERKELEY VALE 42.74%
4.
POINT PIPER 40.52%
5.
NORTH TURRAMURRA 38.12%