Melbourne is a city that has something for everyone.
With its diverse neighborhoods, abundant parks, and natural landmarks, Melbourne offers an unparalleled quality of life to residents.
As Australia’s second-largest city, Melbourne is the capital of Victoria and the most populous metropolitan area in Australia.
Often atop the rankings for the most liveable city in the world, it’s also entering a time where the property market is soaring due to the lockdown ending and the state opening up.
Recent insights have shown that the amount of property listings has jumped up over 80% recently.
With restrictions easing and Melburnians keen to get back to normal, the property market has seen a resurgence. Here are some reasons to build right now in Melbourne:
Melbourne is one of the Most Liveable Cities in the World
There are a few reasons why Melbourne is considered such a great place to live. Melbourne has top-notch health care facilities, great career opportunities, and a lively social scene.
The weather in Melbourne is also ideal for most of the year. Its Mediterranean climate means that summers are warm to hot and winters are mild with plenty of sunshine throughout the year.
The cost of living in Melbourne is lower than in other Australian cities like Sydney which can be considered too expensive by many. The average house price is a modest $523,000 which is inexpensive compared to the averages of other major cities in Australia.
One of Melbourne’s leading luxury builders ARCH10 has been building dream homes across Victoria for over 10 years and has seen the price difference firsthand. As the Australian housing market continues to see growth, many builders are entering the Melbourne market.
Tax Breaks for New Home Owners in Victoria
In addition to the low cost of living and sunny weather, new home buyers in Victoria are also eligible for a range of tax breaks. The first homeowner’s grant is $10,000 and for newlyweds or those buying properties together that number increases to $20,000.
The government also offers the Newly Built Home scheme which allows new home buyers to reduce their property transfer duty by 50% if they’ve owned another property in Australia prior to purchasing a new one.
Similarities to San Francisco
Melbourne is becoming more like the famous city of hills; people used to call Melbourne “San Fran” because it reminds them of home. Just like San Francisco, Melbourne is surrounded by water on three sides and defined by its hilly landscape.
What sets these two cities apart, however, is their architecture and seasons. From high-rises to bungalows, Melbourne’s architecture can vary from street to street while San Francisco is predominantly made up of Victorian-style buildings.
Melbourne residents get a taste of four seasons throughout the year. While there are distinct wet and dry seasons, it doesn’t get too cold or too hot for an extended period of time.
This makes Melbourne a desirable place to live for those who prefer fewer extreme temperatures. Melbourne also gets an annual rainfall of around 100cm and the city is surrounded by lush parks and gardens.
With over 300 days of sunshine, it’s no surprise that Melbourne is host to some of the best cultural events in the world such as Fashion Week, Musical Festivals, Food Festivals, as well as a consistent stream of events every night in the CBD.
The population is made up of all different ethnicities and cultures with people representing all different corners of the globe.
This is reflected in the cuisine and dining you can do around the city and suburbs as well, being able to go out and experience Asian, European, and Latin cuisine all in one night.
Going around in Melbourne is generally hassle-free, thanks to the efficient public transport system. The city has access to a wide network of trams, trains, buses, taxis, and car hire services.
The state government announced plans back in 2016 to invest $50 billion over five years for mass transit projects across the greater metropolitan area.
This has been certainly noticed by Melburnians with tunnels, construction sites, and even the frequency of trams and trains being more prominent.
Housing projects and apartment buildings are also benefitting from this with accessibility to trams, buses, and trains being easier than ever.
Strong Demand Despite Lockdowns
The number of houses available for sale in Melbourne is on the rise, but it’s nowhere near enough to accommodate the increasing interest from buyers.
This lack of availability has pushed house prices up and, while it would be nice to think that the price increase is a result of a strong economy and a booming housing market, it’s hard to ignore the fact that this latest jump in house prices occurred during a time when demand was at an all-time high.
Future Housing Market Growth
It’s forecasted that the housing market in Melbourne will rise by at least 3% each year. When speaking to industry experts and analyzing data from different sources, it’s easy to understand why people are jumping into property investments now.
While supply is low, demand continues to be strong, thus creating a seller’s market. The only way the situation will change is if there are more developments and housing projects coming online, which doesn’t seem to be the case at this stage.
Melbourne has some of the best restaurants in Australia with world-class chefs opening up restaurants and specialized eateries across the city. The international community in Melbourne has also had a hand in this with many different kinds of restaurants and cuisines available.
From hole-in-the-wall eateries to rooftop bars, Melbourne has something for every type of foodie. The city is also home to a number of celebrity chefs such as Heston Blumenthal, Curtis Stone, and Shannon Bennett.
Something For Everyone
Whether you’re a first-time homebuyer or an experienced investor, Melbourne is a city that has something for everyone. With its diverse neighborhoods, abundant parks, and natural landmarks, Melbourne offers an unparalleled quality of life to residents.
As Australia’s second-largest city, Melbourne is the capital of Victoria and the most populous metropolitan area in Australia. With over 300 days of sunshine each year, it’s no surprise that Melbourne is host to some of the best cultural events in the world.
If you’re looking for a city that, has it all, Melbourne is the place for you. With its diverse neighborhoods, an abundance of parks and gardens, and efficient public transport system, Melbourne has something to offer everyone.
Add to this world-class dining and cultural experience, and it’s easy to see why Melbourne is one of the most liveable cities in the world. So, what are you waiting for? Start planning your move to Melbourne today!