We hear this question a lot. International investors in particular are always curious about the virtues of Melbourne investment property. Here are seven reasons why Melbourne and Victoria are stand-out choices for your next addition to your portfolio.
Safe and clean, Melbourne is a vibrant, multi-cultural blend of events, festivals, arts and cuisines.
- Consistently voted the world’s most liveable city – Melbourne has been voted the World’s Number 1 most liveable city seven years in a row from 2011 to 2017 and currently holds Number 2 position after being (temporarily) moved from the number 1 place by Vienna.
- Melbourne is growing rapidly – Melbourne welcomes more than 127,000 new residents each year and is expected to become Australia’s largest city before 2036.
- A magnet for students – Melbourne is host to a collection of highly ranked world-class universities. QS Best Student Cities 2019 survey ranked Melbourne, as Australia’s best city for students and the third best student city in the world. Victoria is home to over 200,000 international students.
- Economic stability and strength – Victoria accounts for only 3% of Australia’s land mass but contributes 24% of the country’s economic activity. Not only that, the Victorian economy boasts 25 years of continuous economic growth.
- Strong property market – Realestate.com.au’s April 2019 market report says that “Melbourne house prices may be down, but the decline is half that of Sydney. On other measures, Melbourne is also holding up much better. Melbourne’s affordability and jobs growth are holding up the market”.
- Solid employment performance – According to the Victorian Premier, “Victoria’s employment growth is also the strongest in the nation: in the last three years, Victoria’s economy has created more than 333,000 new jobs – outstripping by far the rest of the country”.
- Regional strength – Victoria’s solid performance extends beyond Melbourne. Realestate.com.au states that “Regional Victoria continues to do well. The heat is cooling in Geelong, however the recent Federal budget announcement that a fast rail would cut the commute time from Geelong to Melbourne CBD to half an hour should lead to increased buyer demand. Right now, it is the Latrobe-Gippsland region that is really powering ahead”.
This is clearly great news for Victorians looking to invest close to home and for international investors seeking a safe city and stable, growing environment in which to start or add to their international portfolio.