Ranked amongst the world’s most liveable urban areas, Melbourne has a rich and lively city life with distinct and charming neighbourhoods.
Melbourne has topped the Economist Intelligence Unit’s most liveable cities list for five years running. Situated on Port Phillip of southeast Australia, the Victoria state capital is home to buzzy waterfront districts, green parks, numerous art galleries, narrow alleys and fantastic beaches.
Melbourne is a renowned international cultural centre highlighted by major events and festivals on art, music food, film and fashion, and for having a more genteel approach to life than the capital city of Sydney. The city’s leafy streets and Victorian suburbs are filled with networks of cafes that serve perfect coffee, while waterfront neighbourhoods are filled with impressive residential and commercial developments.
The city is also home to historical legacies such as The State Library of Victoria, one of Australia’s oldest cultural institutions, and the National Gallery of Victoria, the country’s oldest and one of the world’s most visited public art museum.
Different ethnic groups, ranging from Greek, Vietnamese, Chinese to British, have settled in the city, making Melbourne a great multicultural and multi-cuisine magnet.
The Property Market
According to an industry survey, Melbourne has been ranked second as favoured market after London in 2016 by global property investors. Tenant demand is rising with rental growth occurring and vacancy rate reducing.
On the other hand, Melbourne’s population is growing at a faster rate than any other Australian city. It is forecast to add an average of 89.100 residents each year through to 2055 and by 2053 is expected to overtake Sydney in terms of total population. With a steady growth in population, Melbourne’s rental contract volume has a significant growth in the past 10 years, with a 10.9% increase in rent for 1-bedroom apartment, 10.3% for 2-bedroom and 6.1% for 3-bedroom.
Positioned at the corner of Lonsdale and Spencer streets, the highest tower at West Side Place soars an impressive 81 storeys with the prestigious Ritz-Carlton hotel occupying the top levels, becoming Australia’s tallest hotel.
Featuring 1, 2 and 3 bedroom residences complete with timber flooring and expansive views across Port Phillip Bay and Docklands, West Side Place offers residents access to a remarkable array of recreational and leisure spaces.