Melbourne is the capital and most-populous city of the Australian state of Victoria, and the second-most populous city in Australia with a population over 5 million (19% of the population of Australia, as per 2020). The metropolitan area is known as Greater Melbourne and comprises an urban agglomeration of 31 local municipalities, although the name is also used specifically for the local municipality of City of Melbourne based around its central business area.
Let’s move on from Melbourne’s geography and talk about facts and numbers!
- Over the last 40 years The median Melbourne house has increased by 7.9% per annum and the median Melbourne unit/apartment price has increased by 7.73% per annum.
- Over the last few years, Melbourne has been the world’s “most liveable city” more times than any other city in the world. Until 2017, Melbourne was crowned as the world’s most liveable city for seven consecutive years by the Global Liveability Ranking.
- Melbourne ranks as the fastest-growing state capital in Australia, with a population growth rate above 2%. More than 80,000 people were added to Melbourne’s population in the 2019/20 financial year. 65% of the annual population growth in Melbourne is due to overseas migration driven by work opportunities and education purposes.
- In 2020, Melbourne’s population crossed 5.16 million. According to the Australian Government forecast, Melbourne is projected to become Australia’s largest city in 2026–27, with a population of 6.2 million by 2030–31.
- Victoria has a robust job market of almost 3.5 million workers, the second biggest job market in Australia, with great opportunities for skilled employees in sectors such as healthcare, education and professional services.
- When it comes to infrastructure, the city has invested massively in major projects to improve mobility and connect the community. There has been investments in some city shaping infrastructure projects. Here are the top 3 infrastructure projects –
-> North East Link – The $15.8 Billion North-East Link is Victoria’s largest road project ever seen. It will create more than 10,000 jobs and slash travel times between Melbourne’s north and South-East by up to 30 minutes. The city is expected to benefit from a $427m annual economic boost from better freight and connectivity once completion has been met.
-> Metro Tunnel – The new $11 Billion Metro Tunnel is a twin 9-kilometre rail tunnel that will create nearly 7,000 jobs, and will enable more than half a million extra passengers to use Melbourne’s rail network during peak periods every week, and save people up to 50 minutes each day during their commutes.
-> West Gate Tunnel – The West Gate Tunnel is a $6.8 Billion road project that will ease Melbourne’s daily reliance on the West Gate Bridge by building a new tunnel and new links to the port, and will generate approximately 6,000 jobs.
Now that you know all the major reasons why you should invest in Melbourne, connect with our property consultants and get all the help and advice you need while planning your next investment, hopefully in Melbourne! Get with us at at 02-81230180 or dropping us an email at email@example.com
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