In the Economist Intelligence Unit’s 2015 global ranking, we scored an impressive 97.5 out of 100, beating other top 10 ranked cities in Australia, New Zealand and Canada. This was thanks to our top scores in all five categories – stability, healthcare, culture and environment, education and infrastructure.
It’s not just our lifestyle that people love – it’s also our friendly locals. That’s why Conde Nast Traveler magazine ranked us as the world’s friendliest city in 2014.
Melbourne is in the middle of the Australian south east triangle—a heavily concentrated area of economic prosperity—with access to 70% of Australia’s population and economic activity. The Australian south east triangle has a combined economic output of over A$1 trillion. The Asia Pacific is home to over 4.4 billion people and a total economy of over US$26 trillion.
It’s human nature to believe the grass is always greener, indeed, sometimes it is. Melbourne is the best city to invest and live in.
The Melbourne property market has been one of the strongest and most consistent performers over the last few years.
Melbourne has a variety of suburbs that are in continual strong demand either for lower prices and subsequent affordability or because of the upcoming infrastructure projects place them in a more attractive location for employment opportunities. As we know, population growth creates demand for housing and employment. Tapping into those opportunities can accelerate your wealth creation strategies.
Wherever demand for property is high, property prices increase. Demand always underpins prices and this remains true in any market. On the back of property prices, rent also increases. It’s clear that population growth in Melbourne is increasing, just as there is no doubt that those people moving to Melbourne will need a place to live.
realestate.com.au reported in March that Melbourne’s vacancy rates were the lowest since 2007. The proportion of vacant properties in metro Melbourne fell slightly to 2.2 per cent in April 2017, while the weekly median rent for houses in metropolitan Melbourne was $420 a week. The immediate result of this sort of situation obviously is higher rents. While that is unfortunate for a potential tenant, for an investor that means better yields and better cash flow. Combine this with what we know about population growth and the reasoning for selecting Melbourne property starts to become clearer. Higher demand will be revealed by multiple applications from potential tenants for each property.
Melbourne is consistently named as one of the most livable cities in the world and anyone who has lived in Melbourne will readily agree. Melbourne and it’s surrounding suburbs are famous for their café culture lifestyle. It seems that a café is always within easy reach when your coffee fix hits you. Melbourne is also a popular tourist destination for overseas visitors who make use of the easy to use and readily available public transport system. Thankfully, Melbourne is easy to navigate because of sensible and logical town planning over many decades.
Victoria’s economy grew by 3.3%, higher than compared with the decade average, and Victoria has consistently recorded the nation’s strongest annual population growth. Increasing productivity and employment growth are helping to expand Victoria’s economy at a rate faster than population growth. This is important for property investors. The Victorian Budget Update forecast Victoria’s gross state product growth to grow above trend at three per cent, providing more good news for investors.
Transitioning to a more sustainable city
In response to increasing energy, water and waste costs, and to the increasing impacts of a changing climate, cities around the world are working to becoming more sustainable and resilient. Innovative metropolitan planning approaches include: