Wyndham Market Update 2022
Wyndham has an abundance of economic opportunities. As the link between Melbourne and Geelong, Victoria's two largest cities, Wyndham has significant economic significance that extends beyond its own region, affecting the rest of the state.
Wyndham is not only one of the most popular local government areas in Victoria, but it is also the third fastest growing municipality, with a population expected to exceed 500,000 by 2040 – a significant increase from the current population of 270,000 people. According to the Australian Bureau of Statistics, a 227 percent increase in residential dwellings in Wyndham Vale will result in the provision of approximately 10,200 new dwellings to residents between 2011 and 2036.
In September 2016, the current population's labour force consisted of approximately 120,000 people, making it the second largest regional labour force in Victoria. Between 2006 and 2031, Wyndham Vale and its surrounding suburbs are expected to have access to more than 40,000 jobs.
"Wyndham City's annual economic growth has been
greater than Victoria's Gross State Product and
Australia's Gross Domestic Product"
The Western Growth Corridor's employment growth is one of the reasons Melbourne City will surpass Sydney as Australia's largest business centre by 2051. The East Werribee Employment Precinct and Cluster is located 10 minutes east of the Wyndham Vale CBD. It currently employs 7,100 people and is expected to create 58,000 new jobs over the next thirty years. When completed, East Werribee will be the largest development in the Greater Melbourne area.
Wyndham is distinguished by its strategic location, excellent logistical connections to air and sea ports, and rapid economic expansion. As a result, Wyndham City's annual economic growth has been greater than Victoria's Gross State Product and Australia's Gross Domestic Product. As Melbourne's population expands westwards towards new residential estates in Werribee and Geelong, a second Maribyrnong River crossing, as well as improved freight routes to the Port of Melbourne, are required.
"The transportation projects will not only benefit passengers;
the freight industry will benefit from
increased productivity and sustainability"
The $10 billion project will widen the West Gate Freeway, add express lanes, and provide an alternate route to the West Gate Bridge. The West Gate Tunnel project, which has been under construction since 2018, has created 6,000 jobs. Residents of Geelong, further west, can look forwards to a faster rail service to Melbourne's CBD.
Stage 1 of the proposed transport corridor will cost $4 billion and will include a dedicated regional passenger track from Werribee to Laverton, as well as upgraded stations in Werribee and Laverton. The proposed route will allow passenger services to use Werribee instead of Sunshine, which is shorter and faster. The transportation projects will not only benefit passengers; the freight industry will benefit from increased productivity and sustainability as a result of the construction of an intermodal terminal in Docklands.
"In and around Wyndham Vale,
$65 billion in major projects have recently been completed,
are under construction, have been approved,
or are being proposed"
The terminal would provide an efficient freight interface with the Inland Rail Freight Corridor and would be able to accommodate the new 1,800-metre double-stacked freight trains. The Federal Budget for Fiscal Year 2022 committed $2 billion to kickstart the project, with an additional $62 million set aside for planning and development. There would be 1,350 construction jobs created as a result of the project. On a smaller scale, plans are in the works to construct a ferry terminal in Docklands to accommodate the growing number of Victorians who commute between Melbourne, Geelong, and the Bellarine Peninsula. In and around Wyndham Vale, $65 billion in major projects have recently been completed, are under construction, have been approved, or are being proposed, including schools, hospitals, transportation improvements, and the harbour development.
In addition to the foregoing, the Avalon Airport Masterplan, which includes the expansion of the existing domestic terminal to accommodate international operations, has been approved. There is also the proposed $50 billion underground Suburban Rail Loop, which would skirt Melbourne's outskirts and connect every major rail line from the Frankston Line to the Werribee Line via Melbourne Airport. The $50 billion project will improve connections for jobs, retail, education, and health care.
If you have any questions or are ready to purchase your next investment,
Please don't hesitate to contact your Property Strategist.
Referencing,
Terry Ryder - Hotspotting
bigbuild.vic.gov.au
engage.vic.gov.au
Australianeducationcity.com
Equity Rise,
Level 3, 31 Alfred Street,
Sydney, NSW 2000, Australia