Victoria is poised for a strong run towards the end of 2016 on the back of several major announcements that are set to further strengthen interest in the state’s property sector.
The Economist Intelligence Unit (EIU) has again ranked Melbourne as 'The World’s Most Liveable City' in its ‘Liveability Index’ – the sixth consecutive year for the Victorian capital – while Melbourne Airport has surpassed its year-on-year results by welcoming 34 million passengers between August 2015 and July 2016.
In July, total international passengers grew by 12.4% compared to the same time last year, reaching 870,715. Visitors from South East Asia led the charge, while China continued its strong growth in travel to Victoria, up 20.2%.
Domestically, 2,184,330 passengers passed through Melbourne Airport’s three domestic terminals, representing an increase of 1.4% on July 2015.
John Marasco, Colliers International State Chief Executive – Victoria, said recent announcements solidified Melbourne’s reputation as the world’s most liveable city; driven by continued strong population growth, a world class education sector, ongoing infrastructure investment, enviable public transport and a robust tourism market.
“Melbourne’s population growth story is not just a temporary statistical blip,” Mr Marasco said. “For 10 years now, our population has been growing by an average of 83,000 people per annum – and for the last three years these growth levels have been much higher than this average."
For the tenth year in a row, the population of Greater Melbourne has been confirmed as the fastest-growing in the country. The population grew by 91,593 people in the year ending June 2015, and over the ten years to June 2015, has grown by 832,124.
Over the same period, Greater Melbourne has also recorded the best year-on-year growth in residential property prices of all Australia. Property prices have grown by an average of 7% per annum in the 10 years to June 2015.
“Melbourne has long been recognised as a great place to live and work,” Mr Marasco said. “Our underlying economy is diverse and very steady compared to other cities and job opportunities are diverse, as well as the ease of doing business in the most affordable commercial city on the eastern seaboard, have all contributed to this growth. Melbourne also has a long tradition of Asian migration, going back to the 1850s, and overseas migrants are quickly able to feel at home in our great city.
“We don’t see any of these factors that contribute to our population growth changing in the near future.
“In the latest show of confidence in the Victorian economy, David Jones has announced it will relocate its national headquarters from Sydney to Melbourne. Colliers International is excited to be part of this outstanding growth opportunity for Victoria.”