Melbourne is currently exploding at the seams from massive population growth.
It has had the highest population growth of any Australian city since the turn of the century. This trend looks set to continue with Melbourne expected to become Australia’s largest city over taking Sydney by not long after 2040. Click here for more details.
Melbourne has been voted the world’s most livable city for 5 years in a row. Melbourne is currently growing by around 100,000 per year. To put that in perspective, this means it needs to build a city substantially larger than the size of Canberra every 4 years. Massive!!
While local property markets have seen strong growth in recent years, many good investment opportunities remain. There is concern regarding the number of inner city apartments currently being built but there is huge demand for detached housing that is not being satisfied. And the population is booming from an increase in the birth rate meaning more family homes are needed to be built.
The supply of new homes is not keeping up with demand and land prices are rising. So the best growth opportunities look to be on the city fringes where new master-planned communities emerge at affordable prices and offer a good lifestyle close to large and growing employment nodes.
There are many great regions and estates throughout Melbourne but we believe the best three regions – for price point, return and growth – are Werribee, Wyndham and Melton. These regions have billions of dollars in infrastructure developments underway and are among the fastest growing in the country.
Astute investors are also looking further afield to Geelong, Victoria’s second city. The Victorian Government is spending billions of infrastructure in Geelong to attract business and families.
Now is an ideal time to invest in what will be Australia’s largest city.