Melbourne Area Profile: Melbourne CBD, VIC 3000

Thinking about buying an off the plan property in Melbourne CBD, VIC? You'll want to discover the Location Demographics, Travel & Infrastructure and Investor Insights. 

I bought an investment property in Melbourne CBD. Here’s why:

Taylor is a first time investor who just bought an off the plan apartment in Melbourne CBD. 

Last year, I decided to invest in a property that I could add to my portfolio. I was already living in my current home but was eager to find a property that could open up more investment opportunities. After months of research and finding an area that best suits what I’m after, I finally settled on an off-the-plan apartment in Melbourne CBD. It has been the best property decision I’ve ever made and here’s why: 

Location

Melbourne’s Central Business District is overflowing with history and design and is also widely recognised throughout the globe. Being Australia’s second-largest city and the capital of Victoria, it is home to hundreds of national attractions, unique landmarks, a major financial centre and a bustling entertainment precinct with countless theatres, sports stadiums and galleries. The nearby suburbs include Southbank, South Melbourne, Docklands and West Melbourne. 

Full of life and packed with iconic sights, Melbourne’s vibrant CBD is the ultimate destination for me. I feel just like a tourist taking in the vibrant environment and exploring all the museums, markets and picturesque parks. There’s nothing like spending time at the Royal Botanic Gardens which showcases waterways and native Australian plants or strolling by Kings Domain. I love finding designer clothing stores at Emporium and trendy boutiques at the QV Melbourne Shopping Centre. On Flinders Lane, the Hazel Restaurant is a great dinner spot and serves delicious dishes and signature drinks. Over the weekend, I also like to get together with friends and catch a live sports game at the MCG or at AAMI Park. 

People

Packed with a thriving art scene and renowned food culture, professionals, students and families have been welcomed in to be a part of the diverse and growing neighbourhood. The Australian Bureau of Statistics have worked out the total population for Melbourne’s CBD to be close to 55 000 people. Private dwellings have reached around 43 000 properties and the 25 to 30-year-old age group is the most popular. There are over 10 300 families and the median age is 29 years old.

Looking for a great option for families and students? Check out these listings.

Transport 

There are heaps of public transport services at Melbourne CBD with tram stops spread all throughout the vicinity and free tram zones available. You can catch the train at the Melbourne Central Railway Station which has 4 platforms and follows 11 different train lines. On the other hand, the Flinders Street Railway Station is a main transport hub with trains running on 13 platforms.  

To assist with your daily drive, you can quickly access the CityLink Toll Roads which lead to major freeways and thoroughfares. At the heart of the city, you are conveniently surrounded by all kinds of transport services. Find multiple walking trails and bike paths by the Yarra River.

Looking for a property near public transport? Check out these listings. 

Developments and Infrastructure

The Melbourne City Council have outlined 6 strategic objectives in the Council Plan for 2021 to 2025. These include driving a strong economy for the future through a mix of industries and jobs, celebrating Melbourne’s identity and creativity, enriching knowledge about the city’s heritage, prioritising the environment by taking action to reduce emissions and waste, providing universal access to housing and resources and focusing on the safety and wellbeing for all. The 2023 Budget will go towards infrastructure investment, events, parks and open spaces. 

Investor Insights 

At Melbourne CBD, apartments have a gross rental yield of 4.5% with median rent at $375 per week. On the other hand, houses have a much lower gross rental yield of 1.1% with the weekly median rent at $450. During the last 10 years, the median property price at Melbourne CBD was at $491k in 2012 and moved to $545k in the year 2018. Presently, the median property price has decreased to $520k. 

Learn more about the growth and rental yields for the surrounding suburbs right by Melbourne CBD - Southbank, South Melbourne, Docklands and West Melbourne. 

If Melbourne CBD sounds like the ideal place for you, why not look into buying an off the plan property there? You can start your search here or book an appointment to speak with our team of property experts to see if this is the right area for your property needs.