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AUSTRALIA’S LIFESTYLE PARADISE

30 March 2015

Melbourne is experiencing a population boom, with property prices going steadily upwards as new inhabitants seek the enviable lifestyle offered in Australia’s arts, culture and sporting-event hub.

Quality of life is the phrase on everyone’s lips when it comes to Melbourne. The city is renowned for the lifestyle it offers, and that reputation is attracting new residents in droves. Every year another 90,000 people relocate to Melbourne, and the city’s total population is expected to nearly double to 7.7 million by 2051.

This influx has already become a significant driver of growth in the city’s real estate market, and investors can expect this to continue.

Culturally vibrant

Melbourne residents and visitors alike enjoy a range of world-class art and cultural attractions. The largely publicly funded Melbourne Arts Precinct in Southbank is home to, among other attractions, the National Gallery of Victoria, the country’s oldest public art gallery.

Melbourne’s theatres contribute over AUD230 million a year to the local economy and the city’s newly named East End theatre district is growing fast – over 22,000 people attended musical productions over a single weekend last summer.

The Melbourne International Comedy Festival is the third-largest event of its kind in the world. Performances are held at venues throughout the city over March and April, with the 127-year-old Melbourne Town Hall serving as the main hub of events. The festival attracts artists from around the world, with 1,390 performers watched by 638,200 attendees at the festival’s record-breaking 2013 edition.

In October the Melbourne Festival takes over the city, offering 17 days of dance, theatre, music, visual arts and more. In 2013 the series attracted an audience of over 400,000.

World-class sports hub

Melbourne hosts an impressive number of international sporting events. Perhaps chief among these is the Australian Open tennis championship – one of four global Grand Slam tournaments – which this year saw Novak Djokovic lift the trophy at Melbourne Park.

Just a few months later the Australian Grand Prix kicks off the Formula One season, following a stunning course around Albert Park in the heart of the Melbourne. This year’s event saw a victory for reigning World Champion Lewis Hamilton.

The grand final of the nation’s most popular sport, the Australian Football League, is held every September at the iconic 100,000-capacity Melbourne Cricket Ground, which of course also plays host to some of the biggest matches in international cricket.

And then there’s the famous Melbourne Spring Racing Carnival, which culminates with the prestigious Melbourne Cup race – one of the most high-profile events on the international equestrian calendar.

Made for living, made for investing

Given everything that’s going on in Melbourne, it’s little surprise that the city remains firmly in place near the top of most global-city quality-of-life rankings. The Economist Intelligence Unit released its latest global liveability study last August, and Melbourne found itself at the top of the pile again – it has now been ranked first for four consecutive years.

 

IP Global

Written by IP Global

IP Global’s full-service approach is built on extensive market research and analysis combined with a significant financial commitment to every investment we offer. We are able to manage the entire investment process end-to-end, from sourcing, financing, and management to those all important exit strategies, making investment in real estate as straightforward as investing in more traditional asset classes. Our expertise, experience and strong record have produced over USD2.8 billion in international real estate investments in over 30 markets worldwide.

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