Australia’s population is growing at a pace that wasn’t thought possible 50 years ago. To keep up with our exponential growth levels, construction rates are moving just as fast. Civic, commercial and infrastructural projects are sprouting up in almost every region of our metropolitan rings, creating what is being hailed as a relative infrastructure boom.
Almost every capital now has major works underway that are generating amenities to service our future population. Sydney is bringing back its tram system, Brisbane’s rail network is set to double and Adelaide is planning for major expansion. Data from RLB indicates that the number of cranes in Australia undertaking non-residential construction has grown by over 50% over the last 12 months alone. But when it comes to infrastructure investment, Melbourne’s level of commercial investment is outgrowing the nation.
Greater Melbourne is proposed to receive new arterial roads, skyscrapers, wind farms, hospitals and even prisons as it moves towards being our nation’s largest city. Data from Deloitte Access Economics shows Melbourne’s proposed infrastructure pipeline has grown to over $106 billion – up from $76 billion just 12 months ago. Included in these projects is the Airport Rail Link ($5 billion) Northeast link ($15.8 billion) and the Melbourne Metro Tunnel.
Continued public and private investment into usable public amenity will play a major role in driving Melbourne’s property market for the foreseeable future. Government initiatives and private projects play a pivotal part in shaping the appeal of a city. Ultimately, the appeal of which is reflected by housing demand. As it stands, Melbourne is pulling away from the pack and the future of the city looks bright.
