State of Markets – VIC November 2012

VICTORIA

VIC regional cities primed for growth
A new strategy for Victoria’s regional cities is set to be unveiled, backed by thousands of dollars’ worth of funding, the state government has said.

Victoria’s 10 regional cities will benefit from a $300,000 boost, creating a regional growth strategy, premier Ted Baillieu said. The group comprises Geelong, Ballarat, Warrnambool, Horsham, Mildura, Bendigo, Shepparton, Wangaratta, Wodonga and Latrobe.

The plan could be good news for investors since it will focus on areas that include economic and population drivers, strategic and statutory planning, urban and community infrastructure and governance and resources.

“We want to see [our regional cities] grow and we want to see more people living and investing in our regions,” Mr Baillieu said.

Multi-million redevelopment for Melbourne suburb
A Melbourne suburb will undergo a $350 million redevelopment and urban renewal, according to the Victorian state government.

The multi-million dollar redevelopment of Footscray, in Melbourne’s west, was announced recently by minister for planning, Matthew Guy.

“The McNab Avenue development by Grocon will help transform the under-utilised site into a vibrant, innovative and cutting-edge, mixed-use development in the heart of Footscray,” Mr Guy said.

“This development is just the start of Footscray’s urban renewal, with other projects being planned in the Joseph Road Precinct in central Footscray and other sites being developed by the private sector and Places Victoria.”

Designated a ‘Central Activities Area’, Footscray is ‘essential’ to accommodation, growth in jobs and demand for new homes.

In total, 1,200 relocated employees will be moved to the new development by 2014, with 300 jobs created during construction.

Offices and other commercial premises are also being built.

Footscray will capitalise on other government investment in the area, in particular the Regional Rail Link, which will connect with regional V/Line services arriving in Footscray.