Port developments: Consider Victoria for property buying
The Port of Melbourne will be leased out as part of a Victorian government initiative to boost the state's commercial opportunities.
Victorian Minister for Ports David Hodgett and Treasurer Michael O'Brien made the announcement on May 5.
The port's operations will be leased to help fund a new infrastructure program for the state, including development on Port of Hastings, which will be located south-east of the Victorian capital.
These initiatives could help drive Victoria's ongoing commercial success and even create jobs, making the area a good place for purchasing property. Along with record-low mortgage rates, now may be a good time to consider upgrading.
The agenda for Melbourne
Following commercial advice and a dedicated study, the coalition government has elected to offer a medium-term lease of the port, Mr O'Brien explained on May 5.
He continued, outlining the "job-creating" nature of these kinds of infrastructure projects, with further work to be completed for the Port of Hastings.
"A medium term lease of the Port of Melbourne will provide the best outcome for the Victorian community, as well as the future operations of the Port of Melbourne and the Port of Hastings," Mr O'Brien noted.
It's expected the land value can be maximised, while the Melbourne CBD is gearing up for expansion, too. This could boost job prospects and the overall economic vitality of the city, potentially leading to strong capital growth for real estate.
"We will continue to develop both the Port of Melbourne and Port of Hastings together, strategically, to build on Victoria's status as the freight and logistics capital of Australia," Mr Hodgett explained.
The Port of Hastings is gearing up for further development, too. It currently services international and domestic shipping routes, with LPG, oil, ULP, steel and project cargo exports.