Melbourne 101

Hi, I’m Melbourne. I like sport and a good coffee, and consider myself rather cultured; I guess that’s why an increasing number of people and businesses are deciding to call me home. Here’s a little about me:

Population Growth

  • Melbourne consistently has the highest population growth rate for any capital city – 95,000 new residents between 2014 and 2015.
  • Melbourne is set to become Australia’s most populous city in 2051, with 8 million people.

Liveability

  • Ranked the world’s most liveable city since 2011 (and has been in the top three since 2002), according to the Economist Intelligence Unit.

Demand

  • To accommodate this growth, the city will require approximately 1.6 million additional dwellings than those currently available. Greater Melbourne is projected to account for more than 80 per cent of the state’s growth to 2051.
  • Melbourne is a leading financial centre in Australia as well as the Asia- Pacific region.

Economic Growth 

  • Greater Melbourne provides the second highest contribution to gross domestic product after Sydney, and is home to the headquarters of four of the six largest firms in Australia.
  • Contribution of manufacturing to Gross State Product (GSP) decreased from 17 per cent in 1992 to 7.5 per cent in 2012, with professional and financial services increasing from 12 per cent in 1992 to 22 per cent in 2012. A knowledge-based service economy is less susceptible to volatility than a manufacturing based economy.
  • Between September 2014 and September 2015 Victoria recorded 3.4 per cent growth in GSP, the highest of any state.
  • Melbourne is on the Financial Centres Index of top rated centres of finance.

The table below shows the price difference of an average house in comparable suburbs of Sydney and Melbourne. A mortgage with half the repayment costs? Sounds good, doesn’t it?

Suburbia Sydney vs Suburbia Melbourne

Suburb Median House Price Kilometres from CBD Average Yield Comparison
Penrith (NSW) $630,000 50 km West 3.3% + $296,000
Werribee (VIC) $334,000 32 km – South W 4.5% – $296,000
Kellyville (NSW) $1,060,000 36 km – N West 3.2% + $670,000
Craigieburn (VIC) $390,000 26km – North 4.7% – $670,000

I hope you now have a better understanding of who I really am. I have big plans over the coming decades to be Australia’s most populous city and maintain my position as the world’s most liveable city. I will continue to support my residents over the coming years with my stylish and captivating character.

Keep an eye out, Sydney; my future is looking promising.

Melbourne


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