A total of $192 million is allocated in the next financial year for the ACT government’s ongoing Urban Renewal Program. The construction and upgrade of new public housing are the largest components of the program, which is expected to cost the government $155,983,000 in the 2016-2017 year. However, a total of $393 million has been budgeted over the next four years.
Some of the properties set to undergo redevelopment include Bega Court, Northbourne Flats, Currong Apartments, Stuart Flats, Strathgordon Court, and the Lyneham Flats. New properties will also be located in various locations across the ACT.
Around 1,288 public house dwellings along the Northbourne Avenue corridor will be replaced. The government has also earmarked $32.8 million of Housing ACT’s $41,396,000 spend for the 2016-2017 year for the purchase and construction of public house dwellings. Another $8.6 million will be spent on refurbishing and upgrading existing public housing across Canberra. This money will be delivered through Public Trading Enterprises.
All in all, the ACT government plans to invest more than $2 billion in infrastructure across Canberra over the next financial year. This includes budget for the Weston Creek and Stromlo swimming pool and leisure centre, new infrastructure in the Molonglo Valley, improvements to the Woden bus interchange and upgrades to the Narrabundah Ballpark.
The Infrastructure Investment Program accounts for more than $2 billion of the government’s planned $2.9 billion infrastructure investment spend.
Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker