Infrastructure and Local Insights
Strong investment continues to spur property market performance across Moonee Valley, which has long been sought after for its superb location and outstanding local amenity.
Moonee Valley and its surrounding suburbs continue to thrive as the retail, commercial, employment and leisure hub of the inner northwest, boosting property market performance and liveability. Significant investment in new infrastructure and lifestyle developments is bringing a heightened level of amenity to the area and driving demand.
Chief among these is the $2 billion redevelopment of Moonee Valley Racecourse, which will include 2,000 dwellings, cafes, shops and leisure areas integrated with 20 hectares of parkland and a village centre. One of the most significant developments in Victoria’s history, it will be home to an estimated 4,000 new residents in the next 15 years. Feehan Row – the first of eight planned precincts – is earmarked for completion in March 2022 and will sit adjacent to the new 5,000sqm Tote Park opening in October this year.
The Arden-Macaulay urban renewal will further drive demand in coming years, with plans to turn the area into a major employment precinct and flourishing new residential destination.
Macaulay will transition into a mixed-use, mid-rise neighbourhood with a distinct inner-urban character, accommodating 10,000 residents and 9,500 jobs by 2051.
In one of Melbourne’s largest ever infrastructure projects, the $11 billion new Metro Tunnel from Kensington to South Yarra will take significant pressure off the local transport system. Due for completion in 2025, it will include the new Arden Station and improve the area’s connectivity to the Melbourne CBD.
Moonee Ponds has been a hive of residential and commercial activity in recent years, and this will be strengthened by a new 12-screen Palace Cinema on Puckle St. The cinema will be the centrepiece of a stylish retail, hospitality, accommodation and leisure development set to open this year.
The area’s enduring appeal to families will be intensified by a raft of community sporting and recreational facility upgrades.
Construction on Moonee Valley council’s largest capital works project, Keilor East Leisure Centre, is expected to open later this year. The new, state-of-the-art leisure centre will feature two pools, a spa, steam room and sauna, an indoor water playground, fitness facilities and a cafe. Work will also soon begin on the $11.25 million Flemington Hub, including outdoor basketball and netball courts, cricket nets and sports field redevelopment.
Kensington Community Recreation Centre has been earmarked for a $40 million upgrade comprising a new pool, water play area and extra multipurpose courts, with a contractor for the major redevelopment to be appointed later this year.
Essendon community sporting facilities are also in line for a raft of improvements, including an investment of $2 million for a new Cross Keys playground and carpark, a $650,000 upgrade of lighting at Aberfeldie Athletics Track and a new Chris Lane Memorial Baseball Field.
© Jellis Craig 2021