Residz Team 2 min read
Australia's real estate sector is the envy of the world, emerging from recession stronger than ever before with the help of historically low interest rates and the government's determination to support the market. Home buyers are taking out loans in record numbers, despite rising unemployment and economic uncertainty, with the number of new mortgages 55% higher on average across the country than a year ago.
The Melbourne Real Estate Boom
Victoria sits right on that median line, with Melbourne real estate enjoying the best of the boom. In terms of population, Australia's second city is creeping up on Sydney but this expansion has done nothing to compromise the quality of life. Melbourne covers an area that is larger than London or Mexico City but with fewer than half the number of residents it has plenty of space to accommodate the millions who love living here.
Melbourne Real Estate Options
Melbourne is a fantastically cosmopolitan city, with a prosperous business district, a rich and varied cultural scene, excellent transport networks, abundant green spaces and its enviable setting on port Phillip Bay. All these factors make investment in real estate in Melbourne an extremely attractive prospect. Both city centre and suburban living are easy to find in its eclectic range of housing and diverse neighbourhoods.
It's possible to enjoy both the beauty of nature and the convenience and benefits of the urban environment. Real estate in Melbourne is booming all along the generous coastline and in the interior. Brighton is a highly prized beachside district where 18th century mansions stand side by side with contemporary architect-designed apartments and family homes while Brighton Beach and Middle Brighton Pier are irresistible leisure destinations.
Away from the coast along the Yarra River in Kew there are just as many attractions - you simply exchange the pleasures of the beach for riverside living and the area's extensive green spaces. Great schools and sporting facilities make it an ideal choice for families looking to purchase real estate in Melbourne.
Right near the heart of the city, just 4 kilometres from the business quarter is the inner suburb of South Yarra, which has all the amenities you'd expect of a modern international city but right on your doorstep. For shopping, entertainment and fabulous green spaces, it's hard to beat and of course, the river runs right through it. Its mix of housing, both period and modern, is as diverse as everywhere else in this gem of a city.
Melbourne offers a rare quality of life. As a big city, it offers all the most desirable aspects of the urban lifestyle but maintains a sensitive, respectful appreciation of Victoria's natural beauty. It's no surprise that the city remains so popular as a place to live and work - it gets the balance just right. With the population set to continue growing, maybe it's time to think seriously about getting your own piece of real estate in Melbourne, often referred to as Australia’s cultural capital.