- The western end of Melbourne’s central business district (CBD) has become a hotspot for luxury inner-city living.
- As Melbourne continues to grow and expand, there are expected to be new developments and increased activity in the city’s western CBD in the next five years.
- A new report from Urbis, a demographic reporting company, has observed a 153% increase in tourism in Melbourne since 2021.
The western end of Melbourne’s central business district (CBD) is undergoing a transformation, with a future-focused development enticing buyers with its luxurious inner-city lifestyle.
According to a recent Market Outlook report by Urbis, a demographic reporting company based in Australia, Melbourne has seen a 153% increase in tourism since September 2021.
A key factor driving this demand in tourist activities and high-end real estate is the $2.4bn development by Far East Consortium, which has created a master-planned precinct characterised by four towers, the tallest of which stands at 81 storeys.
Located in the heart of Melbourne’s CBD, the West Side Place precinct mixed-use developments aim to redefine inner-city living.
Jessica Campbell, Director of Projects at YPM Avanti, suggested that the level of design and amenities available at West Side Place make it a desirable location.
The new development features karaoke rooms and billiard tables, along with sports facilities such as gyms, pools and a Pilates studio. Campbell noted that high-quality amenities are a necessity when looking to attract high net-worth individuals (HNWIs).
This development covers an entire city block and offers an array of high-end amenities and residential options. This addition to the area is driving an uptick in demand, with key factors such as waterfront dining and the Marvel Stadium.
International travellers wishing to purchase new real estate in Melbourne’s CBD should use a safe money transfer system when making overseas transactions.
According to the Urbis report, overseas migration and the rising population will further increase the demand for apartments in Melbourne, leading to a shortage in supply.
Melbourne’s CBD is not only a thriving hub for commerce and industry, but also an attractive destination for residents seeking a convenient urban lifestyle. With an average weekly rent of AU $650, according to PropTrack data, the CBD offers a range of housing options.
According to the Centre for Population, Melbourne is expected to become Australia’s most populous city by 2031, and the potential for growth in the western CBD is being highlighted by developments such as West Side Place.
This growth is attracting a diverse range of residents, including downsizers from regional areas, professionals seeking a central location with airport access, investors and first-home buyers. Starting from AU $525,000, these apartments feature one, two and three-bedroom options and focus on luxury living and amenities.
HNWIs intending to make international payments for luxury real estate in Melbourne should compare exchange rates.
UK HNWIs can search for the best exchange rates by using our online money transfer comparison tool.
