Melbourne - Australia’s Culture Capital

The expansion of Melbourne grew under the Australian Dream – with the notion of providing a ‘quarter acre home and garden for every family.’ The metropolitan has received its ranking as one of the most livable cities in the world with a record-breaking number of immigrants in all of Australia, stimulating a high demand in housing and infrastructure improvements across the city.

Australia’s event capital, Melbourne, is where you can find food festivals, beach parties, comedy shows, fashions shows, sports championship- name the event, and you’ll find it happening here. From thrilling racing carnivals to calm flower and garden shows, the city celebrates everything, throughout the entire year.

As A City with Economical Importance

Established as a small settlement, the city quickly transformed into one of the world’s largest and wealthiest city after the Victorian Gold Rush in the 1850s. Today, it thrives as Australia’s most visited city and the largest metropolitan after Sydney. The urban planning has largely incorporated a meticulously planned road division for a well-connected city. Built on the Hoddle Grid, the CBD is the nucleus of the city and its early development has given a foundation to the city to expand to its current size.

Melbourne is one of the top cities among the world with top livability standards. This vibrant city has been ranked first as the most livable city by UK’s EIU for 7 consecutive years, and second in 2018. As immigration rate and population rises, Melbourne is experiencing a population boom, already with over 125 million in 2017, ranking first across the country.

Melbourne has experienced an influx of immigrants in the past year from a stable political outlook, high quality education and healthcare system, all of which excels other Australian cities. Australia’s top two ranking universities are located in Melbourne, setting an example of the city’s excelling education system. In 2019, Melbourne’s Thames University ranks first in Australia and 32th across the globe.

This Victorian capital also excels as a city economically and in technology development. Juniper Research released its top 20 smart cities rankings, Melbourne ranked 10th and excellent performance in healthcare and manufacturing ranking 8th across the globe.

Property Market

Greater Melbourne is a major contributor to Australia’s national economy besides its regional economy. According to a report by SGS’s Economic Performance of Cities and Regions, Melbourne contributes 19.3% to the national GDP and contributes 28.9% to the growth of Australia’s GDP. Within Victoria, it contributes 82.9% GDP. Since 2015, Melbourne has an average growth of 3.3% and 4.3% in 2018, higher than Sydney’s 3.1%. Professionals, sciences, technology and financial services are the largest industries in the city, contributing to the city’s thriving economy.

With a strong economy and a continuous population increase, a rising demand in housing largely stimulates the property market. In 2017, the average pricing of the city’s properties reached 5.52 million AUD, 46.8% higher than 3.76M AUD 8 years ago, with selling rate topped at 10.4%.  Although Melbourne’s property market shows slow growth within the 18-year period, PwC and ULI’s 2019 Asia Pacific Property Market Trend Report shows that Melbourne will excel both Singapore and Shanghai to become Asia Pacific’s Best City for Investment and Future Outlook.

The Future: The Melbourne 2030 Developmental Project

The livelihood of Melbourne has surpassed as the top city in all of Australia in the past 12 years until 2030. In 2015, the city’s population reached 4.43 million and is expected to reach 5 million by 2021 and 8 million by 2050. To resolve a rising population, the government has initiated Plan Melbourne, to increase the connectivity from the city to suburban districts and undeveloped land. A larger and more extensive network of towns, cities, and regions will be connected by extended transportation to now car-dependent areas of the region. The aim is to integrate land use and transport policies to create a balanced and highly workable city for the next generations.

Plan Melbourne follows 9 principles including to create a city structure that strengthens Melbourne’s connectivity, city competitiveness for jobs and investments, improve access to jobs across the city, provide development and urban space, support sustainability living across the city, manage housing supply to meet population demands, increase supply for affordable housing and facilitate proper government decisions to reach the goals Plan Melbourne has in-placed.

Already, 130 sites have been designated for large scale residential developments. Services including hospitals, schools, child care, bus services and libraries will be included in these newly developed communities. Infrastructure buildings and further transport links will be reinforced to continue the region’s plan of city connectivity.

The largest infrastructure in Victoria will be the new High-Speed Rail network to cost 50 million AUD to connect the CBD to the suburban districts around Melbourne to increase access to jobs and businesses. The infrastructure will create over 20,000 job positions and transport up to 4 million people per day. Melbourne’s Tullamarine International Airport upgrade will be the largest redevelopment project to increase passenger and cargo capacity by 2039 to 670 million and 9 million tons respectively.

On the other hand, to prepare for the rising population and job positions, Victoria Planning Authority has plans to establish 7 CBD in Monash University, La Trobe University, Parkville, Fisherman’s Bend, Dandenong, Sunshine and Werribee areas. Technology giants, IBM and networking company Cisco, have revealed plans to move to Werribee’s upcoming CBD. Melbourne will experience a great transformation and create a strong future ahead for the economy and job market.

The Victorian government has pushed forward the plans in the business and tourism sector to attract more investments and promotional development. Not only will such plans benefit Melbourne but the entire Victoria province for continuous economic growth.