It is easy to find properties that are priced below the market value in Australia’s most liveable city, Melbourne. However, it is more difficult to find a property that is not overpriced or underpriced. The property market in Australia has experienced many ups and downs over the past decade, and the property bubble in Sydney has burst. Property analysts forecast that prices will drop in Australia’s largest city over the next few months and years. In this article, we will discuss why property prices are likely to decline in Melbourne.
Currently, house prices in Melbourne have risen over the past few years. In particular, the number of new homes being built has far exceeded the number of houses being sold. This means that supply exceeds demand, leaving buyers with an oversupply of properties on the market. Unfortunately, it is this oversupply of properties on the market that has depressed house prices in many other Australian cities over the past few years as well. While other cities have experienced housing shortages over the past few years, Melbourne is one of the few Australian cities that has enjoyed increasing house prices.
If you are looking for a suitable property for investment, then you will want to ensure that you are investing in properties that are in good condition and have a realistic chance of selling for a profit. One of the key indicators to help determine whether an investment opportunity is worthwhile is how attractive a property is to potential buyers. In Melbourne, there are a number of attractive suburbs to consider when looking at house prices. The following paragraphs detail each of these suburbs and their current value.
The Central Business District (CBD) is located to the north of the city, in the central zone of Melbourne. Located across the Yarra River from the CBD, the Central Business District houses the major businesses in Melbourne including the Macquay Wharf, Melbourne Convention Centre, Victoria Barracks, Emporium and Panteneur Hotel. The area is characterized by its high rise buildings and modern inner city retail precinct. A number of new development projects are planned for the future including a new casino, a railway station and hotel.
The City of Melbourne is located to the south east of the CBD and is the country’s leading financial, business and cultural centre. The City of Melbourne is home to some of the finest public and private schools in Australia, as well as major manufacturing and research facilities based in the lower northern suburbs of Melbourne. The metropolitan City of Melbourne houses around two million people and has a variety of neighbourhoods with different characteristics. The City of Melbourne’s growth and population has had a profound effect on property values across the state of Australia, particularly Sydney.
The Yarra Valley is one of the most historic regions of the state. Home to the Yarra River and surrounding areas, the Yarra Valley is Melbourne’s Central Business District. This includes the iconic Victoria Barracks and Royal Botanic Gardens. The area is considered to have the best property prices in the entire state of Australia. The third most populated local government region, Victoria’s Highways Commission Area, includes the Barossa Valley and surrounds, Kingsley’s Peak, Olinda, Norwood, Greenmount, Port Phillip, Broadmeadows and parts of Broadstone.
The regions of Greater Melbourne are made up of the central region, including the metropolitan city of Melbourne itself, South East Suburbs, West Melbourne, Heartland and Barinia. This represents a combined land mass of about 80 per cent of Melbourne’s total area. The central area is characterised by the Barinia region, which contains historic buildings and areas of outstanding natural beauty such as the botanical gardens of Noranda, the state national park, the Flinders Street, the Yarra River and much more.
The South East Suburbs, which includes Flinders Street, Heartbeat, Melbourne Highpoint, Maroochydore, and Sunraysia, are characterised by their historic buildings, the unique vegetation and some of the finest restaurants and cafes in the country. These areas are rapidly growing into one of the biggest developing centres in the country, with great opportunities for employment and lifestyle development in the future. The Yarra River is characterised by its world class shopping centre and is the centre of Australia’s cultural, educational and economic activities. Its vibrant business and retail areas are home to some of the country’s finest restaurants, bars, shopping malls and public houses. It also has one of the country’s largest collections of luxury apartments and residential properties.