With Labor confidently winning the Victorian election over the weekend, their platform of high spending on infrastructure and families to cope with Melbourne’s rapid population growth proved to be successful.
As always, some Victorian suburbs stand to benefit most from the government’s long-term plan.
Here are the suburbs we expect to see growth in as Labor’s campaign promises come to fruition.
Melton
Melbourne’s western growth corridor has seen a population surge in the past few years, so it makes sense that a number of the biggest campaign promises would focus on this area. To support the rapid population growth, Melton will be one of the areas in which new schools will be prioritised under the Labor government.
In addition, there are plans in place for Melton Hospital – a new 24-hour public hospital to be built on the outskirts of Melton in Toolern – by 2020, as well the development of a fast rail system and new train station as part of the Western Rail Plan.
These projects promise to lead to more jobs in the area and an increase in people moving west for their work. The affordability of housing in Melton and the surrounding areas could also prove to be tempting, with the median price for a 3-bedroom house currently sitting at $415,000, so new schools and health amenities are sure to be attractive to potential buyers.
Frankston
Perhaps one of the most hotly contested seats in this election was Frankston, where Labor MP Paul Edbrooke won a second term despite a wafer-thin margin that had supporters on the edge of their seats.
With half a billion dollars for an upgrade to Frankston hospital, free TAFE courses and road upgrades all promised during the campaign, Labor seemed to be ticking all the major pain points for locals. In addition, they proposed a $10 million upgrade for Jubilee Park, including a multipurpose stadium and function centre.
The median house price for Frankston has doubled in the past decade to sit at $590,000, and these important amenities and infrastructure upgrades will help the local property market to stay strong and continue upwards.
Sunshine
With the booming population in the west, Sunshine is set to be supported by a number of Labor’s campaign promises. A proposed $550 million redevelopment plan for a women’s and children’s centre at Sunshine hospital in addition to rebuilding Footscray hospital’s emergency department should help to spread the load and support the West's health departments.
In addition, Sunshine will be a key player for both the Airport Rail Link and the suburban rail link in Labor’s current proposals, turning Sunshine Station into a new ‘Super Hub’.
These developments will strengthen Sunshine’s position and livability to help the local property market continue to trend upwards. The median price in the area is currently sitting at $710,000, but if these projects make it through in their current form we’re expecting to see a huge surge for Sunshine and the surrounding suburbs.
Ballarat
Bucking the trend for regional growth is the third biggest city in the state, Ballarat. The recent population increase and strong property market made it an important battleground during the election and it stands to reason that the town is set to be one of the biggest winners if Labor’s campaign promises all make it through.
From the fast rail link and hospital upgrades to more local issues including fixing trouble spots at nine intersections and restoring Her Majesty’s Theatre, billions of dollars are expected to benefit Ballarat and the surrounding areas over the next decade.
With an increase in infrastructure and accessibility, we’re sure to see strong demand for homes in Ballarat in the coming years. The current median house price is $448,000, but as its connection to the Melbourne CBD gets even faster we’re expecting to see a surge in people looking to make an affordable tree change.
Greensborough
Labor has pledged to kick-start work on the $15.8 billion North East Link toll road, which has been in the works since 2008, on day one of their new terms. This 26km project to connect the M80 Ring Road with the Eastern Freeway is expected to be completed in 2027 but should help to ease congestion and better connect the north-eastern suburbs.
In addition to the new road, Greensborough will stand to benefit from other major infrastructure projects, including a new train station and the duplication of tracks between Greensborough and Montmorency, allowing for more services and reduced travel time along that track.
Greensborough’s median house price has remained steady over the past 12 months at $815,000 following significant growth in the five years prior.
We’re expecting to see an increase in interest in the surrounding suburbs as the freeway project gets underway, with areas such as Mill Park, South Morang and Epping expecting fresh buyer interest following the completion of the extension of the South Morang line to Mernda station.
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