Fantastic initiatives underway in Melbourne

Several initiatives in Melbourne are making the capital city one to watch in 2014, as existing homeowners consider the best location to buy investment property following a mortgage refinance.

The city saw house values grow 11.94 per cent year-on-year to March 31, while unit growth was steady at 8.95 per cent over the same period, according to the RP Data-Rismark Home Value Index.

On the whole, dwelling values increased by 11.59 per cent over this period, and by 2.29 per cent month-on-month to March 31.

With dwelling value growth in Melbourne ahead of the five capital cities aggregate, which includes Sydney, Melbourne, Brisbane, Adelaide and Perth, it's a spot that those with an existing home mortgage may wish to watch. Those looking to buy an investment property who are already living in the popular city may be able to plug into the existing equity in their home to place a deposit on the perfect investment.

What's on in Melbourne

In addition to the strong growth in dwelling values across the city, Melbourne is also proving itself to be a 21st century destination for a range of residents. 

Significant public transport reform and the introduction of free Wi-Fi in central Melbourne are two initiatives that demonstrate how the Victorian capital is making itself an even more desirable city to live in. 

The changes may encourage more people to live in the city, presenting opportunities for owners of investment properties to target a range of tenants.

Tram travel in Docklands and the CBD will be free while Zone 1 fares will be applied across the whole metropolitan network, stated Premier of Victoria Denis Napthine on March 26.
This will provide savings to commuters who commute and boost Melbourne's international reputation.

Technological advances are tipped, too. Expressions of Interest are being sought by the state government for a free public Wi-Fi program across central Melbourne, according to a release from Dr Napthine.

"These networks will be delivered in partnership between the government, the City of Melbourne and the private sector," he said.