COVID lockdowns took the Melbourne property market into a downward spiral, but the outlook is getting brighter, with the industry projected to keep at a slow but upward trend in the following years.
The cost of building a house in Melbourne, is ranging as low as $1,500 per square metres (or an average of $300,000 for a complete basic home). It’s a good time to look for Melbourne, Australia homes for sale to take advantage of the boom.
Unearth More Insights: As you venture into Melbourne’s property market, enrich your understanding with our thorough article on buying a house in Melbourne.
Why Choose Melbourne
Melbourne has been recognised as one of the most liveable cities in the world (and the most liveable in Australia) on several occasions, making it a great option for all types of homeowners, from single occupants to large families. Here are some reasons why you should settle down in this part of Victoria.
Economy
Victoria accounts for a relatively large percentage of Australia’s GDP, and as its capital, Melbourne leads the charge. Several industries serve the city, with residents and foreign workers enjoying employment in tourism, hospitality, trade, commerce, and entertainment, among others. It’s also growing as a start-up hub and is recognised as a “student city” that fosters a young, educated generation.
Quality of Life
Melbourne boasts plenty of job opportunities, relatively low crime rates, and world-class infrastructure. With its young population and cosmopolitan lifestyle, it allows residents to enjoy an easy lifestyle, rounded off with a creative and progressive culture and first-rate university systems.
Culture
Melbourne is a cultural capital with a hugely diverse community. The city’s home to a vibrant arts scene. It’s also a melting pot of over one-hundred backgrounds, all living in a friendly, inclusive, and supportive environment where everyone can work, share, and celebrate together.
The Best Suburbs in Melbourne
If you’re convinced about settling in Melbourne, the next question you probably have is “Where in Melbourne?” Here are seven of the best suburbs to consider:
Beaumaris
Beaumaris wows with various architectural styles that make it a respite for its affluent locality of retirees and families. It offers a good transport system of buses and railways, and the area booms with schools and sports. Don’t miss Beaumaris’ high-demand housing market, which shows an average annual price shoot of 26%. It’s one of the best places to live in Melbourne.
Bentleigh
Bentleigh is a hub for couples and small, growing families. It has all the amenities you need to satisfy young, culture-craving tendencies, including a handful of parks, restaurants, and arts locations. It also boasts convenient bus and train services that can take you anywhere in a jiff. While it might not be the cheapest place to rent in Melbourne, it’s still an awesome suburb to live in if you can afford it!
Brighton
The bayside suburb of Brighton is one of the richer areas of Melbourne, with median house prices at around $3 million (though there are also mini-buildings of apartments available as a more affordable option). It’s only 11 kilometres away from the CBD, but it also has all the necessities available, from shopping strips to schools to beaches.
While it is a truly wonderful suburb, Brighton is also considered one of the richest suburbs in Melbourne. Something to note!
Caulfield
Located just ten kilometres southeast of Melbourne Central Business District (CBD), Caulfield is one of the city’s best-serviced towns in terms of transportation. Its bus, tram, and train networks provide access to crucial areas in Victoria, as well as neighbouring suburbs. It’s home to professionals, families, and students alike. It’s a highly sought-after market with a median yearly price change of almost 17%, which makes a home here a great investment.
Glen Waverley
Glen Waverley is an ideal suburb for growing families. It’s surrounded by some of the best schools in the city, plus a shopping centre, a central park, and a golf course. It has a low crime rate, a peaceful environment, and great recreation options. Though it’s residential in nature, it’s still close to urban life thanks to a great transport system.
Sandringham
The affluent family-drawing beachside suburb of Sandringham is an ideal location for families seeking a serene and scenic environment with all the bells and whistles. It boasts great schools, high-class recreational facilities, and a booming social scene.
Surrey Hills
Surrey Hills is just as much a home for singles and retirees as for families. Home of the Union Road shopping village, it’s a great area for fun and recreation, especially outdoors. The suburb is on the affluent side, but there are opportunities for investors to turn old villas into revamped properties.
Looking for Property in Melbourne?
Melbourne’s re-energised property market provides opportunities for individuals and families looking to settle in the city. There are several suburbs to choose from, each with its own pros and cons. Peruse Soho’s search page to find your dream home in any one of them, or download the app to enjoy the full experience of swiping and short-listing your favourite ones!
