Melbourne - NHSC 'HOTSPOT'

Melbourne Lifestyle and living

The 'National Housing Supply Council' 2010 State of Supply Report

The Report has found that the demand for housing in Australia is expected to grow over the next 20 years with an additional 3.2 million dwellings needed to meet underlying demand by 2029, and that the gap between supply and demand is also likely to continue to grow over this period with a projection of a 640,600 shortfall.

Housing demand in Australia is continuing to increase due to national population growth, changes in household formation and historically high levels of immigration, and this will have major implications for housing affordability.

The Report shows that solving Australia's housing supply-side problems must be a high priority for Australian governments.

The adequate supply of land to support new housing is the principal driver for ensuring the maintenance of housing affordability in Australia, so unless the supply-side issues are rectified, housing will increasingly become less affordable for Australians...

This will see an increase for Victoria of more than 717,000 new households during this period!

State of Economy

Victoria has the strongest growth of Australia's non-resource states in the past decade.

Victoria's budget retains a strong balance sheet investment of $11.5 billion in infrastructure 09-10, AAA credit rating, low borrowing and economic stability

Since 1999 Victoria has been reported as the best place in Australia to:

  • Attend major international sporting and cultural events
  • Enjoy quality food experiences and world class restaurants
  • Experience interesting cafes, bars and nightclubs
  • Go shopping and soak up style and romance

Victoria in Future 2008 (Housing & Population growth)

Strong population and household growth demands careful planning...

In 2008, both Australia and Victoria recorded their highest ever levels of population growth. Victoria's population grew by more than 100,000 due to:

  • record numbers of babies (71,175) being born the second-highest number of births since 1971;
  • comparatively low levels of population movement to other states;
  • and overseas migration.

Victoria in Future 2008 projects that Victoria's population will increase from 5.13 million in 2006 to 7.40 million by 2036, an increase of 2.27 million, or 44.2%.

As household size continues to decline, mainly due to an ageing population, household growth is expected to grow even faster by 54.6% between 2006 and 2036.

It is critical to understand the assumptions that the projections are based on, which relate to the levels of natural increase and migration. These assumptions are that: fertility will stabilise at a higher level than previously assumed and natural increase in Victoria is now expected to remain positive for at least 50 years;

  • net overseas migration to Australia will be 180,000 per annum (the same number used by the Australian Bureau of Statistics in its medium level projections); and
  • 26.5 per cent or 48,000 of Australia's overseas migrants will settle in Victoria each year.
  • Overseas migration is the greatest contributor to Victoria's future growth.

Victoria's continued high future growth will generate challenges for all Victorians. A growing population requires more dwellings and urban land, more water, transport, police and emergency services, health services, education as well as consumer goods and services.

Living in Victoria...

Victoria is home to 5.5 million people with four million living in the capital city, Melbourne. Consistently ranked as one of the world's three most liveable cities by the Economist Intelligence Unit (EIU).

  • Melbourne is Australia's fastest growing capital city.
  • Melbourne is a comparably young city with 48% of people under 35 years of age.

Melburnians come from more than 200 nations, and over half were either born overseas or have a parent who was born overseas making Melbourne one of the world's most multicultural cities. More than a quarter of Melburnians speak a language other than English at home.

The combination of this multicultural diversity and a temperate climate has translated into Melburnians love of fine dining, arts and culture, sports and the outdoors.

Melbourne is one of the world's most liveable cities.

Numerous global studies agree, Melbourne has one of the highest standards of living in the world.

Melbourne continues to be rated as the most liveable city in the Asia-Pacific by the London-based EIU. The EIU's annual survey takes into account over 30 factors, across five categories: stability, healthcare, culture & environment, education and infrastructure.

Melbourne has featured as one of the world's three most liveable cities since the survey began in 2002.

Melbourne is a unique and beautiful place to live and work!

Melbourne, the city itself, is well-designed and located amidst parklands along the banks of the Yarra River, just a few kilometres from Port Phillip Bay. With the sea to the south and mountains to the north, the city offers something for everyone.

Melbourne has a vibrant intellectual and cultural centre and a creative and entrepreneurial soul. It has extensive parks and gardens, spacious suburbs, affordable housing, good education, accessible public transport and a modern road system. With a low crime rate, it provides a safe and healthy environment in which to live and work.

In terms of entertainment, Melbourne has a plethora of cosmopolitan cafes, restaurants and clubs, a vibrant arts scene and world renowned sporting events.

Melbourne enjoys a temperate climate...

The temperate climate of Melbourne makes doing business here a lot easier. There is no need to worry about the extremes of hot or cold temperatures hindering your business processes.

Located in the southern hemisphere Melbourne's seasons are opposite to those of North America, Europe and most of Asia. Despite its reputation for unpredictable weather, where all four seasons can be experienced in one day, Melbourne offers a comfortable environment, regardless of the season.

(Source: State Government Victoria)

(The information supplied is considered as general facts and statistics and should in no way be relied upon when making an investment decision. Parties interested in making an investment decision should carry out their own due diligence and seek independant advice)

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