Melbourne CBD Real Estate
Melbourne CBD Real Estate Overview:
Melbourne is Victoria’s commercial centre. It covers over 6 square kilometres from Elizabeth Street in the north to the western side of St. Kilda Road in the south. Melbourne has 25 large parks covering nearly 36% of the total area. The population of Melbourne in 2006 was 21,285. The predominant age group living in Melbourne is 20-29 years.
The ‘Postcode 3000’ initiative created in the 1990s addressed the over-supply of office space, and has led to a great resurgence in inner city living. The Melbourne CBD is now considered not only an affordable but a desirable place to live; the most common household type in the CBD is now a person living alone.
Melbourne Inner City amenities:
The CBD contains 8,460 business locations employing 54% of the workforce. It has many different uses and functions, from finance to business, retail, residential, government administration and entertainment. Federation Square, the centre of Melbourne’s cultural, arts and broadcasting life, sits at its heart.
St Kilda Road leads from the south-eastern suburbs into the CBD, and is a major boulevard and commercial address. Along the Yarra River’s south bank is a network of landscaped gardens popular for festivals, sporting activities and picnics: Royal Botanic Gardens, Kings Domain (containing Government House), Queen Victoria Gardens and Alexandra Gardens. The area also contains sports facilities such as Olympic Park and Melbourne Park, as well as the Alfred Hospital and Melbourne Girls Grammar School.
Melbourne real estate statistics:
Melbourne CBD residents work in a diverse range of occupations, and are most likely to be single parents (35%). Other residents include lone households (31%) and childless couples (21%). Nearly two thirds of residents are renting (64%), 17% are purchasers and 15% owning their property outright.
Owners are likely to be wealthy (15% report an income of over $103,000), and to be repaying over $2,000 per month on mortgage repayments. Owner-occupiers are on the up; home ownership leapt from 27.1% in 2001 to 32.9% in 2006. Currently the median sales price of houses in the area is $1,150,000.
Melbourne is expected to continue growing, with the population expected to increase to nearly 30,000 by 2021. Over 78% of that growth will occur in the CBD, with a projected 23,200 people expected to move in to the area.
Contact MICM Property to get more information about investing in Melbourne Inner City Today.