Victorian transport boost could attract investors
Buying a second property as an investment is a popular option for many Australians, particularly due to the cheap home loans available thanks to a record low official cash rate.
However, one important consideration for individuals and couples looking to invest in real estate is where to buy. This will depend on a range of factors, including the rental yields in a specific area and the public transport accessibility.
It's clear that Victoria - and in particular Melbourne - could be good picks for investment, given the latest round of funding that's been promised for key transport initiatives.
Better transport could attract tenants
A range of transport initiatives have been announced in a matter of days by the Victorian government.
On April 27, Premier Denis Napthine released a statement announcing the removal of a "notorious" level crossing at Main Road in St Albans, a north-west Melbourne suburb.
A total of $200 million has been committed to the project, which will see the removal of the crossing, which is considered dangerous. Over 20,000 pedestrians and motorists pass through the Main Road intersection every day, where the crossing is located.
Meanwhile, further funding will improve roads across Melbourne as well as the wider Victoria region, according to Treasurer Michael O'Brien in an April 26 announcement.
An extra $130 million is being allocated to road maintenance and restoration works beyond base funding levels in the upcoming Victorian budget.
"The Coalition Government is building a better Victoria by not only delivering new job-creating infrastructure projects, but upgrading and maintaining our existing assets, including our extensive road network," stated Mr O'Brien.
A better road network may increase the desirability of particular rental homes, which could make them a tidy investment. Consider looking at the competitive mortgage rates on offer if you're considering a property investment.