Suburb of the Month: Melbourne CBD



Location

Melbourne is the capital of Victoria, and is Australia’s second largest city.

Description

Melbourne's CBD is the administrative, commercial, transport and cultural capital of Victoria with a thriving cultural, social and historical atmosphere. There is high demand for rental properties, particularly from students and young professionals.

Facilities

Melbourne CBD is a vibrant, cosmopolitan city with a distinctly European feel. It offers an unmatched variety of fine dining, market shopping, stores, museums, galleries and a thriving live music scene. To complement this, the city is bounded by extensive, well planned parks and gardens and the revitalised Yarra River - once again a focal point for residents.  Melbourne is home to a number of universities including the University of Melbourne, La Trobe University, RMIT University and Victoria University and consequently, there is a wide variety of cheap eateries, cafes and bars to cater for students. Alongside the CBD and within easy walking distance are Etihad Stadium, the MCG, home of the AFL Grand Final and Rod Laver Arena, with the Australian Tennis Open which preserve its tradition as the sporting capital of Australia.   

Industry and Employment

Melbourne is Australia's busiest port and there is virtually no limit to the range of employment and business opportunities that can be found here. The metropolis is home to many international and national business headquarters and is also the state's financial, administrative and commercial centre.’

Population

The 2006 census reported the population of Melbourne as 21,285, with the predominant age group being 20-29 years. This has grown to a currently estimated total of over 65,600.

Housing Market

Of the over 37,000 dwellings in the Melbourne CBD, 98% are units. Couples with no children comprise 33% of the households, while lone occupants make up another third. The remainder are predominantly single parents and couples with children. Around 64% of occupants in the CBD are renting.

Residex Statistics

 

Houses

Units

Predicted growth over the next 5 years

Negative

6.31% ave per annum

Current median rental yield

4.27%

6.21%

Current median value

$629,000

$378,500

Current weekly median rent

$410

$385

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