In 2023, Melbourne once again secured its place as one of the world’s most liveable cities, ranking 3rd in The Economist Intelligence Unit’s Global Liveability Index with an impressive score of 97.7 out of 100. This recognition is well-deserved, as Melbourne excels in healthcare, education, and infrastructure, providing its residents with an exceptional quality of life.
Planning Victoria projects Melbourne’s population to reach 10.3 million by 2051, and with current rapid growth rates, the demand for quality housing will continue to rise. Over the next three years, Melbourne is expected to see an influx of 90,000 new residents. This growth will undoubtedly have a significant impact on the city’s property market, making it an opportune time for investors to explore the various options available.
CoreLogic reveals the median house price in Melbourne stands at $937,736, while the unit price sits at $649,271. This represents an increase of 2.2% and 2.8% respectively over the past year, indicating a healthy and stable property market.
Here are the other drivers that make Melbourne a promising property investment destination:
Melbourne boasts the 12th largest economy globally, and it plays a vital role in driving Australia’s economic growth. With a diverse range of industries, including manufacturing, finance, tourism, and education, Melbourne’s economy is robust and offers a multitude of job opportunities. In fact, Melbourne’s unemployment rate was an enviable 3.4% in the second quarter of 2023.
While Melbourne’s median property values are among the highest in the country, the city still offers options for both first-time buyers and investors, with properties available under $700,000. The overall median property price in Melbourne stands at $778,541, with steady growth rates, highlighting the city’s robust property market.
- Headline and Major Projects Infrastructure
Melbourne’s ambitious infrastructure spending plan for 2024 reflects a forward-thinking commitment to the city’s future. Key initiatives include a $1 billion investment to reinstate the State Electricity Commission, promoting government-owned energy and renewables. An additional $694 million is allocated for a road blitz to upgrade crucial roads and intersections, enhancing network efficiency and safety. Moreover, $650 million is dedicated to upgrading the Melton Line, promising improved train services for Melbourne’s west.
- Leading Tertiary Education
Melbourne is a hub for education, offering a mix of universities, TAFEs (government training institutions), and private education providers. The University of Melbourne, Monash University, and RMIT University stand out as top institutions known for their research programs, quality education, and global recognition.
The MyCity Melbourne Property Report 2024 is your key to unlocking the potential of Melbourne’s real estate market. Whether you’re a seasoned property investor or a prospective homeowner, this report equips you with invaluable insights to navigate Melbourne’s dynamic property landscape. Download the report and embark on your journey to explore the exciting opportunities and prospects that Melbourne has to offer as a vibrant, multicultural, and economically robust city.