Formerly focused on reporting virtual reality and learning management systems such as Go1, I am now reporting on real estate.
If you have never invested in Melbourne property before, it can be quite disconcerting because there are a lot of things you have to consider as to what you can or can’t do as a foreigner.
Melbourne is the second largest city in Australia located in the state of Victoria which has the second largest economy with over four million people. Melbourne has been ranked as most livable city for the year 2011-2015 and is well known for its comfort, healthcare, security, education, sports, culture and environment, infrastructure and more. Melbourne is the home of some beautiful parks, well known streets for food and drinks, great museums, one of the world’s famous coastal drives, lots of alleys, lanes, arcades and many more. It is a fast growing city with over 65,000 permanent residents for the past year with a good rental market.
The state of Victoria has the second largest economy in Australia with the largest income sectors such as finance, insurance as well as property and also has the largest single employers. They have the fastest growing sector which is the service industry and has more than 30% international student’s population which is excellent for potential tenants.
Additionally, Melbourne city is huge and has one of the best universities like Melbourne University, the oldest university in Australia, the home of many Australia’s largest and oldest cultural institutions and recognised as the major centre for street, art and theaters. Melbourne has a whopping 96% occupancy rate of homes that are occupied and if you talk about financial needs for a property, Australian banks allows up to 80% financing regardless of what age. The state of Victoria has stamp duty incentives for buying new properties and encourages new developments in the state which is a huge advantage if you are considering buying or owning a property.