The Impact of the Labor Victory in the 2022 Victoria State Election on Property Investment and Infrastructure

Following the November 2022 Victorian state election, many property investors are wondering what the outcome could mean for infrastructure and growth in the state. With Labor winning a record third-term in this election, we can expected their next term to potentially have a significant impact on Victoria's infrastructure and growth, especially when it comes to property investment. The November 2022 Victorian state election was held to elect the 58th Parliament of Victoria, with all 88 lower house seats and 40 upper house regions up for grabs. This election was seen as a crucial one by many Victorians, due to the Labor government’s handling of controversial issues such as COVID, climate change and infrastructure development. Labor's win in this election, could potentially have a substantial impact on the development of infrastructure in Victoria as the government accept the win as community endorsement of the mandate they brought to the election. During the election campaign, Labor promised to invest billions of dollars in infrastructure projects and public transport over the next decade. This could potentially include significant investments in public transport, such as new train stations, and new rail and tram lines, as well as new roads, bridges and the removal of level crossings. These planned infrastructure improvements coupled with a cap on V/Line fares will improve access to various parts of Victoria, making it easier for people to travel throughout the state for business or leisure purposes. This win can also mean increased investment opportunities in property. The planned infrastructure improvements would make certain areas of Victoria more attractive to investors looking for long-term opportunities in previously out-of-reach areas. It is likely that these areas would benefit from increased economic activity due to their improved accessibility and new construction projects. This could lead to higher rental yields and capital growth in these areas, making them very attractive investment opportunities. Ultimately, Labor's win in Victoria has the potential to create an excellent opportunity for investors in the state, particularly as Melbourne powers towards potentially overtaking Sydney as Australia's most populous city by 2030. The billions of dollars of planned investment in infrastructure over the next decade will work towards bringing together various parts of the state, as well as creating new construction opportunities which will attract more investors looking to take advantage of this increased economic activity. With these possible outcomes in mind, it is clear that this election will have important ongoing impacts to the future of property investment in the state. Interested in investing in Victoria? Contact one our of mentors to discuss your current situation and let us help you find the Victorian investment opportunity that suits you.