The Melbourne property market has been vibrant over the last 15 years showing a consistent growth as measured by the Australia Bureau of Statistics, recording increases in residential property prices. Their index shows an average of more than 5% per year in property prices since September 2003)(i).
Growth in the Melbourne property market has primarily come from an increase in population. Melbourne is seen as a desirable place to live, being voted the world’s most liveable city from 2011 to 2017 by the Economist Intelligence Unit, and is currently in second place(ii). Melbourne scores highly based on the city’s stability (safety), health care, culture and environment, education, and infrastructure(iii).
The desirable characteristics that Melbourne and Victoria offers has led to population growth in Victoria outstripping the rest of Australia over the past few years(iv). We have seen an increase in population from approximately 4.8 million people in 2003 to 6.5 million at last count, with a significant proportion of that growth residing in Melbourne(iv).
The growth is not expected to have finished yet! Melbourne’s population is forecasted to reach eight million over the next 35 years(vi). With housing supply struggling to keep up with population growth in Melbourne(vii), it wouldn’t be beyond the realm of possibility that it’s likely we will see continual upwards pressure on property prices. Whilst there are likely to be bumps along the way, the core economic factors that have driven this rise are likely to remain.
With all that growth in property prices, you would think property investment in Melbourne would be like shooting fish in a barrel, you invest and just wait to reap the rewards. However, the Melbourne property market can also be fickle with some areas or developments having significant increases while other areas remaining relatively stagnant.
We have been at the coal face of property investment, focusing on Melbourne for the last 10 years. If you are looking for a new dwelling, we work with people with considerable experience at finding a short list of properties that match each investor’s needs in areas we consider are worth investing in. Whilst we work with property developers, we are not aligned with any single developer, so we provide an unbiased short list based on the best available properties. If you are looking for an established dwelling, we work with people with considerable experience in this area – from finding a selection of properties right the way through to settlement.
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You should assess whether the information on this website is appropriate to your particular investment objectives, financial situation and investment needs. You should do this before making an investment decision on the basis of the information on this website. You can either make this assessment yourself or seek the assistance of any adviser.