When it comes to buying a house, location is everything. That’s why if you are looking to own your slice of the Australian dream, sink your money into Victoria’s capital, Melbourne. Here’s why:
1. The most liveable city
The Economist Intelligence Unit’s liveability survey, which compares 140 major cities from around the globe, gave the capital a score of 97.5 out of 100—ranking it on top of the list for the fourth year in a row. The survey takes into consideration culture, education, healthcare, environment and infrastructure. Premier Denis Napthine was delighted with the result, particularly with Melbourne getting a perfect 100 score in the areas of education, healthcare, infrastructure and sport.
2. Affordable residential real estate market
Property investment in Melbourne remains favourable in the midst of the rumoured Australian housing bubble, with property prices maintaining a healthy and moderate growth pace and with the state and federal government providing assistance packages to homebuyers.
3. Low urban density
It is one of the lowest-density cities in the world, boasting a vast land stretching more than 90 km from north to south and 100 km from east to west. Ironically, it is Victoria and Australia’s major economic contributors, accounting 27% of the former’s gross state product and the latter’s gross domestic product.
4. Positive capital growth
Investing in real estate in Melbourne today could mean 100% return on investment 10 years or less from now. As mentioned, property prices are on the move. Thanks to the strong population growth, shortfall in new home construction, low interest rate, and moderate income growth.
These are just some of the reasons why investing in the city’s property market today is a good idea. Take advantage of the favourable market condition now to maximise your investment.
Talk with one of our consultants here at LT Pacific Investments if you are ready to jump on the property bandwagon.