People of different ages and backgrounds have different requirements for a home. Typically, those who are buying a house for the first time choose to live within 10 or 15 kilometres of where they grew up. Other property buyers, meanwhile, are attracted to homes in communities close to commercial and business districts.
The good news is there is a property boom in these areas. You can look for land for sale in Melbourne, Victoria, for instance, where there is a wide range of prices and amenities.
The second largest city in Australia after Sydney, Melbourne has a population of 4.9 million and a growth rate of 2.75. Its suburbs are some of the fastest growing in the country. Cranbourne East, for example, grew by 27% between 2016 and 2017. The bulk of its growth is due to overseas migration, accounting for 64%, with natural increase contributing 29%.
Melbourne is expected to overtake Sydney as Australia’s largest city before 2030. One reason for this is geographical. Sydney is constrained between the Blue Mountains and the ocean and thus cannot grow indefinitely. In contrast, Melbourne has been growing towards the south and east. Only recently has development has swung towards the north and west.
One area for Melbourne’s growth is the city’s educational system. There are more than 550,000 international students living in Melbourne. According to trends, most of them will stay here. Another growth area is internal migration. More and more Australians are moving here because it is the world’s most liveable city with its affordable housing costs. Foreign migration is also expected to continue as Melbourne continues to attract technical talent from all over the world.
Melbourne is a vibrant city that has growing suburb developments. The affordable housing here will continue as the suburbs record impressive growth.