Melbourne was voted as the “World’s Most Livable City”, 6 years consecutively, according to the Economist Intelligence Unit. This year in 2018, it was ranked second. By 2030, its anticipated the population will exceed Sydney as the most populated city of Australia.
There are a few reasons why the Melbourne property market is expensive, and perhaps deservedly so.
These are the reasons why it seems expensive
- Housing prices in cities (both locally and overseas) holding a population in excess of 1 million people virtually always retain more expensive property. This is with the exception of Hong Kong and Singapore.
- Melbourne provides quite large area zones of living. This spreads nearly 10,000 km2 (3,800 sq miles), which comprises the broader metropolitan areas. The outer suburbs are often managed with poor and/or limited infrastructure. This includes both serviced roads and public transport. Melbournians have increasingly chosen to spend a higher proportion of their income on buying real estate so they can reduce the time commuting to work everyday.
- Melbournians tend to live in larger houses or apartments compared to people in most other countries. (at this stage we don’t have a comparison report on this).
- Even though we see great activity in new property development or redevelopment of existing dwellings, the population growth continues to demand more housing requirements. If the demand remains, the prices do to…
City views from Xavier College in Kew. Credit image: https/xavier.vic.edu.au
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Where are the most popular suburbs for young professionals? please click the link HERE:
The most populated suburbs of Melbourne please click the link HERE:
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While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more please contact us. We welcome the opportunity to assist you.
February 2019
