Infrastructure and Local Insights
Port Phillip continues to thrive as a major destination for new infrastructure and development, with a focus on transport projects, schools and recreation upgrades to further boost market performance and liveability in this lifestyle haven.
In one of Melbourne’s largest ever infrastructure projects, the $11 billion new Metro Tunnel will take significant pressure off the local transport system. Due for completion in 2025, it will include the new Anzac Station on St Kilda Rd, with a tram super-stop connecting passengers to the underground rail. The area will be a heavily patronised transport hub used by almost 40,000 people a day to get to business precincts and growing residential areas on St Kilda Rd and Kings Way.
Park St, South Melbourne, is set for a major facelift, with planned streetscape upgrades, including more trees and better footpaths, to breathe fresh life into the bustling retail area.
Park St, South Melbourne, is set for a major facelift, with planned streetscape upgrades, including more trees and better footpaths, to breathe fresh life into the bustling retail area.
A new protected bike lane will provide a direct link between the South Melbourne activity centre and new ANZAC station, further improving connectivity across our municipality. The centrepiece of Emerald Hill, South Melbourne Town Hall, is poised to receive major restoration works. The 140-year-old, heritage building will once again be the focal point for community gatherings and events, with works anticipated to be completed in 2023.
In St Kilda, the Palais Theatre precinct upgrade will revitalise the area to create a more pedestrian-friendly, attractive and usable space. The $540 million, 120-apartment St Moritz project overlooking St Kilda is slated for completion in early 2022, and iconic St Kilda Pier is set to be rebuilt, providing improved recreational space for locals and tourists alike.
Superior schools are a hallmark of the Port Phillip municipality, with sought-after private institutions such as St Michael’s Grammar and Wesley College, together with excellent public secondary colleges, such as prized Albert Park College, continuing to drive price growth.
The State Government will deliver a funding boost to Port Melbourne’s Fishermans Bend precinct with $15 million assigned to plan longer-term transport links and $179.4 million to transform the former General Motors Holden site into an innovation hub that will drive future employment opportunities across Port Phillip.
Community facilities will also undergo significant improvements in the coming year, with Port Phillip Council investing $54 million to maintain, grow and improve services and infrastructure. This includes $33.2 million of capital investment in community assets such as roads, footpaths, parks, foreshores and sports fields.
This strong investment across Port Phillip continues to spur property market performance across the municipality, which has long been sought after for its stunning beachside location, convenience, outstanding local amenity and access to excellent schools.
© Jellis Craig 2021