When it comes to investing property in Australia, Melbourne usually gets the limelight and many were puzzled why this city has attracted so much attention compare to the others and wondering what is the real reasons behind.
According to an article from Sydney Morning Herald, “There are more apartments being built in Melbourne now than at any time in the city’s history.” It also mentioned that last year in 2014, there were around 6,000 dwellings that have been completed and is three times the annual average over the past decade which is shown in the following infographic:
Source: The Sydney Morning Herald
Here are several reasons why investing property in Melbourne has becoming popular in the recent years especially from the foreign buyers.
When it comes to education compare to the other cities, Melbourne has the most reputable universities to enroll such as Melbourne University, Monash University, RMIT University and etc. Over the years the number of students both locally and internationally had chosen Melbourne as their top destination to further their tertiary studies. As a result, there is a growth in population and demand for properties to accommodate the growing numbers and there is no sign of slowing down in the coming years.
In terms of entertainment, Melbourne has it all where it hosted the yearly event of the Australian Open Grand Slam, Melbourne Food and Wine Festival, L’Oréal Fashion week and White Night predominantly located in the heart of Melbourne. Also, many best restaurants in Melbourne were established by world renowned celebrity chefs. Thus, it has provided opportunities to many promising artists and the creatives to consider Melbourne as the place to launch their career.
World Most Liveable City
It came as no surprise to many Melbournians that Melbourne has been voted the world’s most liveable city again in 2015. It has been holding the title for the fifth consecutive year and The Economist Intelligence Unit’s liveability survey has concluded the five most liveable cities out of 140 cities were:
1. Melbourne, Australia
2. Vienna, Austria
3. Vancouver, Canada
4. Toronto, Canada
5. Adelaide, Australia
Other Australian cities to rank well were Sydney (7th), Perth (8th) and Brisbane 18th. Nevertheless, the survey did show a decline of 20 per cent of the cities liveablity a year ago, Australian cities were found to be more stable and many has considered as a good indication for a place to retire.
Strong Property Market
An expert from the Sydney Morning Herald says “since the start of 2014, Victoria has had the highest population growth of any state – something that has not occurred in the past 35 years.” There were a lot of movements within the country and especially in Victoria as this is to believe that people are moving to places that has more job opportunities.
The influx of people into Victoria, as well as with jobs growth and a steady services sector has underpinned its strong housing prices. However, not only the migration of people that determine the property market other factors such as location, price point and property type are taken into consideration as well.