Major Infrastructure Projects Improving Melbourne
In my travels inspecting properties for clients last week I noticed the commencement of several major infrastructure projects improving Melbourne. There has been a lot of press recently about the additional 500,000 vehicles registered on Victorian roads in recent years. Personally, I find that the traffic in Melbourne is worsening and instead of being bad from 5 pm, its terrible from about 3:30 pm.
Frustratingly, the Chandler Highway bridge was reduced to one lane only due to building works at lunch time last week. After 20 minutes to cross the bridge in the middle of the day, I had to reflect on how much better this chronic traffic bottle neck should be once the building of the new bridge is complete.
According to the Vic Roads website the Victorian Government has committed funding of $110 million to widen Chandler Highway to six lanes and build a new bridge to the west of the existing bridge. You can see foundations being built on the banks of the Yarra River with a lot of builders, engineers and tradesmen on site. The bridge will apparently be six lanes with three heading north and three south. Please click this link to learn more about the Chandler Highway and bridge upgrade. Upgrading the Chandler Highway and bridge, in combination with the lowering of the Grange Road, Alphington level crossing will drastically improve traffic flow for the area. Necessary in my view given that there will be 2500 new homes built on the old paper mill site on the corner of Heidelberg Road and Chandler Highway. Redevelopment of this site has commenced with demolition well progressed. I believe the old bridge, currently two lanes, will be retained for cyclists and pedestrian use. Safety will be greatly improved and the interconnection with Yarra bike and footpaths will be improved.
We buy a lot of property in the northern suburbs of Melbourne. Recently, whilst shopping in Reservoir we reported to our investor clients that the Reservoir level crossing will be removed soon. Its a major bottle neck and traffic congestion is very bad as Cheddar Road, Broadway, High, Spring and Edwardes Street all intersect adjacent the Reservoir train station. According to the Level Crossing Removal Authority, the level crossing is a major congestion spot and was rated 3rd worst in Melbourne in the RACV 2014 Red Spot Survey. I cannot imagine how much value this will add for the local community. There is strip shopping on both Edwardes Street and Broadway and this straddles either side of this massive intersection and the train station. Community consultation highlighted that locals wanted:
- better road connections and traffic flow
- Safer intersections
- more green and open community areas
- a safer station precinct
- improved bike facilities and shared user paths
- pride in their community with a visually pleasing design
- more connections between shops, parks, community facilities and transport
- more station parking.
Works are due to commence in 2018 and will take 18 months to 2 years to complete.
So, short term pain for long term gain is the way I am going to approach traffic disruption during these building works.
When buying property, it is always essential to inform yourselves about major infrastructure initiatives in an suburb you are targeting. These government initiatives often result in jumps in housing prices as amenity improves to an area.
For independent advice on buying or selling real estate, contact Janet Spencer at Buyer Solutions +61 3 9816 8555 or email jspencer@buyersolutions.com.au
+61 39816 8555