Many suburbs near Melbourne are growing rapidly. With the city’s relatively young population, (i.e. median age is 29 compared to a national average of 37), these suburbs are poised to generate long-term gains from the city’s population growth this important demographic. The real estate market in North Melbourne Growth Corridor has been experiencing rejuvenation, thanks mainly to a spike in Melbourne’s inner cities and suburbs’ population.
Melbourne’s Population Boom
During the last 10 years, growth in Melbourne has been concentrated within a 20-kilometre-radius, an influx of approximately 400,000 according to the local census. From 2015 to 2016 alone, over 100,000 moved to the city, the highest growth of any Australian city. Nearly all of those moving in were attracted by the great number of real estate developments. For North Melbourne, the number of new residents has been remarkable as well. During the 2011 Census, it only registered a population of 11,755. By 2037, that is expected to reach 27,290. Though the City’s growth is promising, it has also made Melbourne overcrowded. As a result, more businesses have seen an increase in demands for services and products but have also seen overcrowding in the city’s transport systems and other public services. This has led to more people looking for homes and properties in North Melbourne Growth Corridor.
Real Estate Opportunities
The Victorian Government has speeded up the rezoning of new housing lots. Planning Minister Richard Wynne has revealed that these lots will be spread across 17 precincts to ensure affordability. This would also ensure that many new homes would be part of planned communities. They would also have access to schools, hospitals, town and town centres.
Historically, most housing types in North Melbourne are old Victorian-style terrace homes, warehouses, and a few low-rise apartment buildings. In 2011, the shifting trend began to emerge, as nearly 60 percent of homes were flats or apartment units. Over a third of them are semi-detached.
From 2000 onwards, the number of medium density apartments has dominated real estate offerings, their prices of which are very competitive, exceeding Melbourne’s median. This is consistent with the increase in population of residents as the lucrative professional and education markets of Melbourne are attracting more people from a younger demographic. Many suburbs north of Melbourne, though still undergoing gentrification, are now a diverse mix. But the promise of these new developments can help new homeowners find affordable properties. Melbourne is in for the long haul in its economic development, but living in the suburbs north of the city has never been as exciting as it is now.