All About Melbourne, VIC, 3004

The capital city of the state of Victoria, Australia, Melbourne lies on Australia’s southern coast and holds the distinction of being the second most populous city both in the country and on the continent. A sprawling patchwork of green spaces and cityscape spanning nearly 10,000 square kilometres, nearly five million people call this rich, lively coastal city their home. For 26 years, from 1901 until 1927, Melbourne was the Australian seat of government and the nation’s de facto capital before it was relocated to Canberra to be as equidistant between the major settlements as possible. Built around the vast Victoria Harbour, as stunning as it is imposing, the city has developed into a centre of commerce, culture, and progress.

Melbourne’s economy is strong and incredibly diverse, stretching over a number of sectors. Its Central Business District, a metaphorical jungle of skyscrapers, is the second largest financial centre in the country; many companies’ regional, national or, in some cases, global headquarters are found in Melbourne, including two of Australia’s Big Four banks, the ANZ and National Australia Bank. Dotted throughout Melbourne are innumerable shops, restaurants, bars and other establishments, each contributing both to the value of the city and its unique character. Melbourne provides an excellent quality of life, being repeatedly lauded as the world’s most liveable city.

Melbourne is often referred to as the cultural capital of Australia; this culture can be found throughout the city, but it is especially present in sports. Melbourne is known to many as the nation’s sporting capital and plays host to 27 professional sports teams. The city has more to offer than just sports, however; the State Library of Victoria is one of the world’s most visited libraries and is famed for its early status as the home of many important figures in the world of literature. Melbourne’s population is very diverse and a number of cultural festivals with origins all over the world take place there, from annual comedy and arts festivals to religious celebrations.

Melbourne is a city of variety, and this is reflected in its property market. As a thriving city with such a large population, there is constant supply and demand for housing of all types, with properties for sale ranging from the exclusive examples of Victorian architecture for which Melbourne’s centre is famous to quieter and more modern housing in the suburbs, where property can be found with much smaller price tags. A city packed with character and excitement, green spaces and towering skylines, commerce and architecture and a remarkably rich history, Melbourne truly is a city that has something for everybody.

Melbourne Real Estate Market Outlook

Thinking about buying in Melbourne? Now could not be a better time, with 134098 residential properties there's certainly plenty to choose from. The average property price in this area is in the region of $725,000 with prices in this suburb ranging from $47,000 to $19,581,000. Melbourne is located fairly close to the coast at just 0Km so as well as great views of the ocean and access to beaches, demand and valuations are likely to be a bit higher here.

Consistent high demand relative to supply is a key feature in Melbourne driving regular price increases. Recent rapid price increases however may constrain future growth by limiting demand. High average incomes in Melbourne ensure a focus on quality with a commensurate high entry price under constant demand. Competition for available quality housing is intense with multiple offers likely to be made in excess of asking prices. The high percentage of professional people in Melbourne classifies the area as "gentrified". This implies high demand for quality housing, generally of larger than average size. Price growth is ensured even where the state affordability index is negatively impacting other areas. High density population in Melbourne requires consistent turnover in housing ensuring constant demand. Housing styles may be a mix of low, medium, and high density, providing choice for well-financed buyers and value growth over time. High industry presence in the wider area is a double-edged sword. While local employment options are high, the presence of industrial buildings may negatively impact lifestyle perception. Demand from first home buyers and investors however ensures good price growth.

Instant Property Valuation

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Public Transport

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General Points of Interest

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Nearby Suburbs

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