If you are a first home buyer, foreign investor or simply looking for your next home, these guides cover everything you need to know from where to buy and the reasons to buy there, including tourism, demographics, employment and education. They also include the steps for buying, owning, renting and selling in these cities.
Proving most popular are the ‘10 reasons to invest’ in Sydney, Melbourne, Perth, Brisbane and the Gold Coast. Melbourne's top five reasons are as follows:
1) Tech capital of Australia
Melbourne is fast-growing as the technology capital of Australia. The City of Melbourne has designed a Startup Action Plan to create more jobs, innovation and productivity for start-ups and entrepreneurs to ‘start, grow and go global’ by removing any barriers to launch. According to the Global Financial Centres Index compiled by think-tank Z/Yen, Melbourne ranked 15th on the index of global financial centres in 2019. Melbourne scored 729, up by 30 points on the previous year, and gaining pace on Sydney in position 11 with 736 points.
2) Robust economic outlook
Victoria has resulted with the strongest rate of economic growth (GSP) in Australia over the past five years, averaging 3.3% annual growth, with 3.5% recorded the year ending June 2018. This trended above the national annual average of 3.1%. The unemployment rate for Greater Melbourne averaged 5.9% over the past five years, to record 5.0% in March 2019.
3) Government investment
The Victorian Government has committed to investing $10.1b per year over the next four years on infrastructure projects. Major transport projects to receive funding include, North East Link—the missing link in Melbourne’s freeway network, stage two of the Monash Freeway upgrade, Mordialloc Bypass, Sunbury to Cranbourne-Pakenham Rail Corridor and suburban roads upgrade.
4) Rise in international visitors
International departure capacity at Melbourne Airport expanded by 45.1% between 2012 and 2017 as reported by OAG Schedules Analyser. The increase has been driven by the airport adding more than 2 million international departure seats over this time. The top two Melbourne to China two-way routes by capacity, in 2017, was with Guangzhou and Shanghai. Each year since 2012, Tourism Australia has calculated international visitors to Melbourne has grown on average 9.5%.
5) Growth in international students
The number of international students enrolled to study in Victorian education facilities rose 10.8% in the year ending December 2018, according to the Department of Education and Training. Higher education facilities saw growth of 15.9%, while school-aged international students grew 7.7%. The SSVF has made the process of applying for a student visa in Australia easier to navigate for both students and guardians.’