Melbourne planning its comeback as ‘World’s Most Liveable City’
Having lost the title of World’s Most Liveable City to Vienna in 2018 after a 7-year reign, Melbourne is getting ready to make its comeback. Just outside of the city’s centre, the suburb of Alphington is leading the charge, undergoing a radical transformation that experts predict will see it top Global Livability charts by 2025.
Key points
- Alphington tipped by UK-based trend forecasters ‘The Future Laboratory’ to become the most liveable suburb in the world by 2025
- Located just 6.5km from the CBD, close to a train station, 4 of Melbourne’s top high schools, and 2 Universities
- Major ‘YarraBend’ development in the suburb of Alphington includes co-working hub, health-and-wellness centre, four new parks, artisan food district and art gallery
World’s Most Liveable Suburb
Up until recently, Alphington was one of those suburbs that flew under the radar, overshadowed by the prestige of its neighbours Kew and Hawthorn. But where these suburbs are lauded for their period homes and old-world charm, Alphington’s YarraBend – a new mixed-use development spanning over 140,000m2 – is quietly innovating the standards of community living.
The futuristic precinct is centered on 6 pillars that global research strategy consultants The Future Laboratory have predicted will be central to lifestyles of the future. An ambitious target, the suburb plans to become the most liveable in the world through its focus on:
- sustainability
- technology
- art and design
- health and wellness
- knowledge
- food and entertainment.
“Developments such as YarraBend are at the forefront of profound cultural shifts in which people – and buildings – are optimising everything, which is why we’ve identified that it will become the World’s Most Liveable Suburb in the future,” said Future Laboratory Co-Founder, Martin Raymond.
Quiet achiever
While YarraBend will clearly transform the area, Alphington is already a suburb with great appeal. Nestled amongst some of Melbourne’s most desirable locales, it’s only 6.5km from the CBD with a train from Alphington station to the city taking just 20 minutes. It sits within the catchment zones of 4 of Melbourne’s top 20 high schools including Camberwell Grammar School and Trinity Grammar School. RMIT and Melbourne University are also within a 15-minute drive.
The average income of Alphington residents sits 38% higher than the Melbourne average – indicating a premium demographic. The rental market is tight, with vacancy rates at 1.5%.
For investors looking for potential growth, Alphington’s unit capital growth over the last 10 years currently sits at 9.6% (that’s 4.7% higher than the rest of the Melbourne market). Median home values are $1,532,312, while apartment values are $626,648 – a disparity that could signal potential for apartments to close the gap.
Master-planned community
YarraBend is a rare offering in the market, due to its sheer scale as a master planned community, in such close proximity to the Melbourne CBD.
A mix of houses, townhouses and apartments with quality retail shopping and first-class amenities, its appeal to a range of tenants and owner occupiers is clear. Busy professionals will love the co-working desks and business amenities of the WorkLab. For families, the open green spaces, river walking tracks, bike paths and outdoor cinema provide plenty of weekend entertainment. Foodies are covered with an Artisan Food precinct including the best restaurants, cafes, bars and gourmet grocers from all over Melbourne to the area.
And all eyes are on the Health & Wellness Centre. The high-tech retreat includes an indoor and outdoor pool, spa, yoga studio, spin room and gym area – all integrated with the latest in virtual reality fitness training.
“The appeal of the area to those living a busy lifestyle is obvious. Shopping, restaurants, a state-of-the-art gym, parks, business centre – it’s all there, and it’s all been created with the future in mind,” said Ironfish Head of Property Will Mitchell.
With the development of YarraBend set to be fully completed by 2025, the World’s Most Liveable City title may not be far off returning to Australian soil.
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