Melbourne is the Australian city with the fastest growth, and it’s not hard to see why. It’s hardly surprising that so many individuals are selecting Melbourne as their new home given the city’s vibrant employment market, world-class infrastructure, and plenty of sporting options.
Our team of experts at 10 Properties shares five reasons why Melbourne is not just a terrific place to live but also a good investment location for individuals thinking about investing in Melbourne for the first time or intending to grow their portfolios statewide.
One of the world’s most livable cities in Melbourne. Up until 2017, the Economist Intelligence Unit’s Global Liveability Ranking named Melbourne the most livable city in the world for seven straight years. Melbourne is a wonderful city that draws visitors and talent from within and outside of Australia because of its great reputation as a tourist destination and its cohesive and stable society, excellent healthcare system, top-ranked institutions, and contemporary infrastructure.
Melbourne is also referred to be the Sports Capital of the World due to its hosting responsibilities for the Melbourne Cup, a Grand Slam tennis event, and a Formula One Grand Prix. Millions of sports lovers visit this amazing location every year because of the impressive stadiums and the jam-packed calendar of fantastic sporting events.
PROJECTED POPULATION GROWTH
With a population growth rate of more than 2%, Melbourne is the state capital of Australia with the quickest increase. Melbourne saw a population increase of more than 80,000 during the 2019–20 fiscal year, whereas Sydney saw a population increase of 57,000 during the same time. In the past, migration for jobs and education accounted for 65% of the yearly growth.
Melbourne will have a population of 5.16 million by 2020. Melbourne is expected to surpass Sydney to become Australia’s largest city in 2026–27, with a population of 6.2 million by 2030–31, as opposed to 6.0 million in Sydney, according to the Australian Government’s prediction.
PRICE OF LIVING
Both Melbourne and Sydney have comparable populations and labour markets. Melbourne, however, is far less expensive to live in than Sydney. In comparison to Sydney, Melbourne has an almost 5% cheaper general cost of living (excluding rent), according to Numbeo, the largest cost of the living database in the globe. When rent is factored into the calculation, Melbourne is over 15% less expensive than Sydney. One of the factors supporting the high demand for rental houses in Melbourne is the confluence of a robust employment market and a more affordable standard of living.
REDUCED PRICE POINT FOR HIGH-QUALITY PROPERTIES IN GOOD LOCATION
You are not alone if you believe that Sydney housing costs have increased beyond your means.
Within 25 to 30 kilometres of Melbourne’s downtown, we may still discover solid investment opportunities with beginning prices of $500,000. These could be townhomes, apartments, or house and land bundles.
These choices could be considerably more difficult to acquire in Sydney. Better rental returns are provided by high-quality investment options in well-developed suburbs, which is essential for individuals wishing to build a long-lasting real estate portfolio.
SOLID INFRASTRUCTURE & JOB MARKET
The second-largest employment market in Australia, Victoria has a thriving labour market with approximately 3.5 million workers, offering excellent prospects for qualified workers in industries including healthcare, education, and professional services. Over decades, the expansion of job possibilities has constantly drawn migrant labour.
The city has made significant investments in infrastructure-related large-scale initiatives to enhance community connectivity and mobility. Infrastructure projects that will shape cities, such as the Suburban Rail Loop, Geelong Fast Rail, Murray Basin Rail Project, Dandenong Corridor, and the building of 100 new trams, are on the way to establishing a cutting-edge and effective transportation system to accommodate future population growth.
Having said that, it is crucial to emphasize that every suburb has its unique quirks. Our experts at 10 Properties in 10 Years can assist you if you’re interested in finding out more about how to start or expand your property portfolio by choosing the appropriate locations.
10 Properties provides expert advice from Financial Advisor in Melbourne and can get details about new homes for sale in Melbourne. For further queries, please reach out at [email protected] or call 1300-617-677.