Positive developments may support Melbourne property investment
A number of recent announcements involving Melbourne and its surrounding suburbs may encourage Melbourne property investment.
Government initiatives to increase trade, cultivate the city as a technology hub and enhance research and development in the state have been showing signs of success.
Several educational partnerships as well as technology sector agreements have been announced over the last few days between Victoria and India.
Highly-skilled jobs, increased tourism and further investment in Melbourne are cited as results of premier Ted Baillieu’s trade mission to India last week.
Research and development ventures have been negotiated between Victoria’s top universities and Indian organisations towards green energy, automation and robotics – to name a few.
Victorian minister for technology Gordon Rich-Phillips is confident in the potential of the new agreements.
He said: “Victoria’s ICT industry leads the way as an internationally competitive source of innovative products and services, providing many opportunities for partnerships and investment.”
There have also been positive indicators from the Property Council of Australia.
A recent report showing the positive signs of Melbourne property investment, reveal a drop in office vacancy rates in the central business district and suburbs of the Victorian capital.
Falling from 5.8 per cent to 5.3 per cent, the change represents the lowest level of commercial office space available since July 2009.
Supply is also not keeping up with demand in the region, with much of the new stock that is to be developed for the next two years already spoken for.
Victorian executive director of the Property Council, Jennifer Cunich noted the competitive performance of the last six months but warned a lot more needs to be done to help these opportunities flourish.
She said: “The industry is facing major challenges such as securing equity due to high pre-commitment requirements by financial institutions, and the Victorian government has a major leadership role to play in facilitating business opportunities.”
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