INFRASTRUCTURE AND REAL ESTATE: KEY MELBOURNE PROJECTS
INFRASTRUCTURE
AND REAL ESTATE:
KEY MELBOURNE
PROJECTS
INSIDE PUBLIC
INFRASTRUCTURE
AND REAL ESTATE
CBRE RESEARCHP.2
CONTENTS
MELBOURNE’S TRANSFORMATION
MELBOURNE’S GROWTH AREAS
EAST WERRIBEE EMPLOYMENT PRECINCT
FISHERMANS BEND
PORT OF MELBOURNE REDEVELOPMENT AND SALE
MELBOURNE METRO TUNNEL
MAJOR ROAD IMPROVEMENTS61218INFRASTRUCTURE AND REAL ESTATE: KEY MELBOURNE PROJECTS
Infrastructure drives value in real estate through generating business and consumer efficiencies. An understanding of the state
of play of infrastructure in cities is therefore critical to understand the direction and shape of future developments and related
opportunity. While the national spend on public infrastructure is currently very concentrated in NSW, there is a healthy pipeline of
infrastructure projects in Victoria; close to $40b in total, necessitated by Victoria’s current strong population growth (of over 2%, the
highest across Australian states) and expectations that strong growth will continue, and on the current trajectory drive Melbourne to
be the largest city in Australia by 2031.
Governments and planners are critically focussed on efficiency and place - a focus driven by meeting the needs of business and
consumers. The tolerance for commute time is diminishing for the emerging workforce and to some extent technology is making
the need for commuting redundant. The development of employment opportunities in less centralised locations is underpinning
longer term planning across most of Australia’s larger cities and Plan Melbourne is consistent with this theme. Urban renewal and
new precinct development is an increasingly important part of Melbourne’s urban development. The Fishermans Bend project is
a further example of transition in the economy away from manufacturing and related obsolescence, driving new opportunity and
development.
FOREWORD
Stephen McNabb
Head of Research, Australia
+61 2 9333 3493
stephen.mcnabb@cbre.au
Kate Bailey
Senior Research Manager
+61 3 8621 3411
kate.bailey@cbre.au
Verity Jenkins
Research Analyst
+61 3 8621 3583
verity.jenkins@cbre.au
INSIDE PUBLIC
INFRASTRUCTURE
AND REAL ESTATE
CBRE RESEARCHP.4
INFRASTRUCTURE PROJECTS TO ACCOMMODATE STRONG POPULATION AND JOBS GROWTH
Melbourne is currently undergoing a period of strong growth and change. According to the ABS, Victoria’s population has grown
by 20% in the past decade to over six million, equating to over one million new residents. Melbourne’s current population of
4.6 million is forecast to grow to eight million over 40 years, with the state’s total population to exceed 10 million over the same
period. Currently, Victoria’s population is growing at 1.9% per year (Figure 1). This growth will drive consumption levels and put
increased pressure on transport systems. A number of key infrastructure projects are planned to accommodate new job growth,
increase capacity on road and freight networks and facilitate the increase in demand for consumer goods.
Melbourne’s long-term planning document is “Plan Melbourne”, released in May 2014 in consultation with a number of key
stakeholders. A revised edition was released in March 2017. The document has been built into the State Planning Policy Framework
and covers housing, transport, environment, jobs and community and seeks to improve Melbourne’s long-term liveability. Divided
into separate regions (named Metropolitan Partnerships), Plan Melbourne’s aim involves upgraded and efficient road and rail
corridors that incorporate seven identified national employment clusters and 11 metropolitan activity centres.
Figure 1: Population Growth % Change p.a. by State
Source: ABS, CBRE Research, April 2017
MELBOURNE’S
TRANSFORMATION06
0.0%
1.0%
2.0%
3.0%
4.0%070809
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