Why You Should Invest in Melbourne in 2023

2023 may be the perfect time to invest in Melbourne, as this major Australian city is promising great rewards for property investors who get in early. With a population on the rise, new housing developments, and major infrastructure on the way, Melbourne continues to cement itself as one of Australia’s most liveable cities and a hot spot of opportunities for interested property investors.

At Property Club, we are passionate about helping our members make the most of current and future trends within the Australian property market. With Melbourne’s continual rise as a global powerhouse, investing in Victoria’s capital city in 2023 will position you for success well into the future.

A City on the Rise

The latest release from the Australian Bureau of Statistics Regional Population report has revealed that Melbourne's population change was higher than Sydney's, with a growth rate of 1.1%. This news comes as no surprise to those who have been following demographic trends in Australia, as Greater Melbourne has long been predicted to overtake Greater Sydney as Australia's most populous city by 2031-2032.

The main driving factors behind this significant boost in population growth is the continual strong influx of overseas migrants (54,200 people in the last 12 months) and natural increases (27,000 people in the last 12 months).

According to Liz Allen, a demographer at the Australian National University, Melbourne's population growth can be attributed to its appeal to international migrants as well as Australians living in other states. This is due to the city's strong economy, diverse culture, and high standard of living. In a recent study by the Global Liveability Index 2022, Melbourne was named as Australia’s most liveable city and the tenth overall in the world.

What this Means for Property Investors

For property investors, Melbourne's population growth presents an excellent opportunity for investment. The city's strong economic growth has led to increased demand for housing, which has driven up property prices in recent years. This trend is expected to continue, as Melbourne's population is projected to grow by over one million people by 2031.

All of this growth presents a wealth of opportunities for Australian property investors. Melbourne has always been a great place to invest in property, but with it being in the middle of population boom that is taking it on a direct path to being Australia’s most populated city, those opportunities are going to become more and more unattainable. 2023 is the year to act and jump on Melbourne’s rise to the top.

Other Reasons to Invest in Melbourne

In addition to strong population growth, Melbourne's property market offers a range of investment opportunities to suit different budgets and investment strategies. The city's inner suburbs are highly sought after by young professionals and families, while the outer suburbs offer more affordable housing options for first-time buyers and investors.

Melbourne's property market is also supported by a range of infrastructure projects, including the $11 billion Metro Tunnel project, which will provide a new rail link between the city's eastern and western suburbs. This will improve connectivity and accessibility for residents and is expected to drive further growth in property prices in these areas.

Investing in Melbourne with Property Club

Overall, Melbourne's strong population growth and diverse property market make it an attractive location for property investors. With its strong economy, cultural diversity, and high standard of living, the city is well-positioned to continue attracting residents and investors in the years to come.

If you would like to make the most of the current investment opportunities in Melbourne, consider becoming a member of Property Club today. To find out more, contact our team on enquiries@propertyclub.com.au today!