Infrastructure is key to the growth of regional economies, especially in countries like Australia where the population continues to grow at a rapid rate. It means further property development, lower commute times, as well as allowing an area to expand efficiently.
Everyone involved in the property market in Adelaide will be pleased to hear, then, that the South Australian budget for 2015-16 has a hefty focus on developing infrastructure. In fact, spending has been allocated to the tune of a substantial $1.3 billion per year. What's more, total spend over four years now stands at $10.8 billion.
So where is this significant funding going?
These aren't the only areas where funding is being allocated, but they're the most important. While future budgets could change the amounts granted to these different areas, it's clear that the focus is in the right place.
"This budget redefines the relationship between government and business through significant tax reform, continues to build a stronger South Australia by continuing our investment in infrastructure and protects the most vulnerable in our community while returning the budget to balance," Treasurer Tom Koutsantonis explained.
With further infrastructure on the way, those considering property options in Prospect, Norwood or other areas in Adelaide would do well to think more seriously about such decisions. At Ray White Adelaide, we can help you to find the right properties.