Property Investment Melbourne
Melbourne remains Australia's cultural centre and is a melting pot of different cultures and ethnicities. It also is the fastest growing city in Australia, due to its recreational, artistic, retail and employment opportunities.
Victoria is home to 5 million people with 3.5 million living in the capital city, Melbourne. Melbourne is a comparably young city with 48% of people being under 35. More than 233 nationalities live in Melbourne, making it one of the world's most multicultural cities. It has the largest Greek and Italian communities living outside of those countries.
A combination of this multicultural diversity and a temperate climate has translated into Melbournians love of fine dining, arts and culture, sports and the outdoors. Melbourne has a vibrant intellectual and cultural centre and a creative and entrepreneurial soul. It has extensive parks and gardens, spacious suburbs, affordable housing, good education, accessible public transport and a modern road system. With a low crime rate, it provides a safe and healthy environment in which to live and work.
According to studies undertaken by Australian Property Monitors, the fastest growing suburbs in Melbourne are Parkville (with a median house price increase of 49%), Sandhurst, Carlton, West Melbourne, and Mont Albert North. Overall, the median price of units has increased more dramatically, and the fastest growing areas for units are Keysborough (up an enviable 71%), Caulfield, Mentone, Black Rock and Abbotsford. An investment in any of these areas right now would provide capital growth opportunities over the long term and good yields.