Melbourne, Australia’s and Oceania’s second-most populated city, is the capital city of Victoria. It is the torch bearer for the said state, being its main driving force in various aspects like local economy and market standing. Compact, creative, and competitive, Melbourne is the country’s premier cultural capital, with prominent offerings for everyone through its major festivals, art, literature, and film, among many others.
Melbourne is rich and diverse, which comes as no surprise as its color and energy attracts movers from all over the country and tourists from all over the world. The lifestyle it provides is quite enticing too, especially for the independent-types coming from all ages. Melbourne real estate is a gate-pass to a city filled with sights and sounds for those who want to embark on a buzzing adventure every day.
Melbourne Real Estate: By the Numbers
Compared to the data of some five years ago, Melbourne’s median house price has decreased about 49%, amounting to $475,000 based on 15 sales. This is equal to a 12.5% decrease in its annual growth rate. Based on 89 rentals and 15 property sales in the span of the last 12 months, the rental yield in Melbourne is 4.9%. The median rent per week in the area is currently at $450.
Melbourne’s rocky standing in the current market can be quite alarming to some. However, experts say that this is due to the market just cooling down after a hot streak, added to the national factor of oversupply in rentals and spaces in a number of areas in the country. Due to this, the prices have been dragged down momentarily, and it is not a good time to sell. Melbourne is also well below Victoria’s average demand market, holding on just 201 visits per property as opposed to the state average of 1,014 visits.
On the bright side, the population growth is still strong in the area, and the employment rate is still above the average. The local economy remains unscathed by the price roll and it is still seen globally as one of the world’s most liveable cities. First–time buyers and cash rich foreign investors are expected to take advantage of the budget-friendly prices before the surge comes again, which can be sooner than later. Thus, buying a house in Melbourne is still a great investment in the long run.
(Data from Realestate.com.au)
Why Choose Melbourne
Melbourne is an apartment city, boasting choices from standard apartment units to refurbished, classic apartment buildings, and that is just in the central business district. Multiple-bedroom homes and redeveloped spaces can also be found all over the city.
If you are an upbeat person looking to feed your hunger for youthful energy and unapologetic edginess in a competitive and artfully vivid city, then looking at a real estate in Melbourne is a great move for you. Filled with amazing street art and beautiful gardens, the city perfectly balances nature and innovation that attracts both the independent career-starters and young families wanting to settle down. It hosts a great number of local amenities and facilities, a well-connected transport system, numerous choices for entertainment, various restaurants and hidden cafes, and so much more.
Other Popular Suburbs in Victoria
Other Regions in Australia
Other locations in Australia are equally as desirable as Victoria. Choose a region below to find out the best locations in the area. If you need information on the real estate buying process for foreigners in Australia, check our Foreign Investor's Guide.
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