On 10 and 11 November 2018, a seminar and exhibition on one of Melbourne’s latest and largest mixed-used developments, Melbourne Square, was held at the office premises of List Sotheby’s International Realty, Singapore.
The Economist Intelligence Unit has voted Melbourne to be the world’s most liveable city for seven consecutive years. In particular, the Australian city had received in the past, perfect scores for its healthcare, education and education.
The stellar results not only attracts tourists, but also makes Melbourne the fastest growing city in absolute terms, growing by over half a million people between 2011 and 2016. It is also set to become the country’s most populous city as it is forecasted that Melbourne will add an average of 91,300 residents every year till 2055.
Attendees to the seminar also learnt about the unique characteristics of Southbank, the area where Melbourne Square is located. Its local retail, dining and entertainment offering on the waterfront makes it a sought after residential location.
In terms of Melbourne’s residential market, Southbank has experienced higher median unit price growth as well as being more affordable than the surrounding suburbs of South Melbourne, Port Melbourne and Albert Park. It also has a healthy rental market, as can be seen by its high indicative gross rental yield of 5.1% (for the year to September 2017), compared to 4.2% across Greater Melbourne. The median weekly rent in Southbank has grown by 2.1%, 2.8% and 3.0% for one, two and three bedroom units over decade (to September 2017).
Southbank is located along the south side of the Yarra River, directly opposite the Melbourne Central Business District (CBD). Direct access to the city is available via multiple footbridges overpassing the Yarra, and Southbank’s proximity to Port Phillip Bay and Port Melbourne Beach allows for both bay and city views.
Southbank attracts high proportion of residents in professional occupations, working locally within the suburb itself or in the CBD. The large proportion of white collar workers in Southbank also mean that residents have a relatively high per capita income, higher than the other parts of Melbourne.
There are tram routes along Queenbridge Street and Clarendon Street connecting Southbank to the CBD via light rail. This makes additional amenities accessible to residents of Melbourne Square, with Emporium, Bourke Street Mall and Melbourne Central all major retail precincts located with the Melbourne CBD.
Some of Australia’s highest ranked universities are located within proximity to Southbank, such as the University of Melbourne, RMIT University and Victoria University.
With all these and other cultural and sports recreational amenities abound, it’s truly no wonder that Melbourne has earned its reputation as being one of the most liveable city in the world.