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Rising property development rates recorded in Melbourne

By Jamil Allouche

Construction figures for Melbourne's inner city areas have risen to record levels over 2014, highlighting the strength of the Victorian capital's real estate market and possibly providing an incentive for those considering investment in real estate in Brunswick

The City of Melbourne's Development Activity Monitor found 13,500 dwelling projects across the area that are expected to be completed over the next three years. Lord mayor Robert Doyle said the city saw an additional 11,000 people added to the population during 2013, with more anticipated over the coming years. 

"This boom in development and construction boosts employment and the economy. An additional 76,000 jobs have been generated in the City of Melbourne in the past six years and our gross local product has increased by $20 billion," said Mr Doyle in a 18 December statement. 

In 2014 alone, there were 6,319 apartment projects completed. This is three times the long term average of 2,100 across the city and could be an encouraging figure for future investors to consider. 

Get in touch with a local real estate agent to start discussing the various property options available in the community and begin organising your investment portfolio today. 

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