Today, Melbourne is, like Sydney, a very large, growing, dynamic City.
For many, it doesn't hold the appeal of Sydney, famous for its Harbour and Highrise, nor the Gold and Sunshine Coasts in Queensland, famous for their Sun, Surf and Lifestyles, yet it has been a great performer in Australian property in recent years with prices rising as much as 60 - 70% over a five year period. Like most regions there has been a slowing of growth rates since 2008 due to the global credit crisis, but with significant population growth being fueled by a strong international migration to Melbourne, the future for property growth rates in Melbourne looks very solid.
Despite the size of the city of Mebourne, its prices especially compared to Sydney and Perth are still quite affordable and with rent levels beginning to rise offers some attrative options for Investors.
The key in Melbourne is a location with good infrastructure and transport options so we tend to focus on a recent trend known as:
Transport Convenience Living
Melbournes 'catch-phrase' following a major upgrade of its roading infrastructure is 'A City That Works' and its fairly accurate. Any big city that is continuing to grow has to spread in some direction and which direction is normally determined by land availability and transport infrastructure. In Melbourne, the Western Ring Road in conjunction with the major Freeways, mean continued growth appears likely for quality homes in the right suburbs. (Price range A$350k+).
