The Victorian Election has been run and won, with the state’s real estate and infrastructure set to benefit from the reappointment of the Daniel Andrews’ Government.
In the Parliament, the government now has a significant majority in the lower house and is likely to hold sway in the upper house. The control of both houses, a rarity in Australian politics, means the government will be able to move its political, social and economic agendas forward without significant hindrance, says Gil King, CEO, Real Estate Institute of Victoria.
The real estate industry has publicly supported the current and proposed infrastructure projects that are set to transform Victoria and cost around $60 billion as Melbourne continues to challenge Sydney as Australia’s biggest city. According to the REIV, the population of Melbourne is expected to grow by around three million in the next two decades.
Key infrastructure projects that Gil believes will be pertinent to the state’s real estate markets include the $16 billion North-East Link, which is slated to start immediately. The Melbourne Metro Rail Link will continue along with the $6 billion extensions of the level crossing program. Planning for $10 billion Melbourne Airport Rail Link will also start soon.
Also, the Victorian government will also roll out one million subsidised solar panels, and further information on this will be forthcoming including rebates for property owners for rental properties, according to Gil.