- In a recent report, Melbourne has been named the top destination for residential real estate in Australia.
- Demand from high net-worth individuals (HNWIs) is driving Melbourne’s property market.
- Melbourne’s suburbs are particularly popular, with Docklands, Mitcham and Caroline Springs displaying the most luxury real estate growth.
A recent report has named Melbourne as the top destination for residential real estate, both on and off-plan, due to its desirable climate and focus on high-end living.
A report from real estate company Hotspotting identified the key boroughs for luxury real estate in Melbourne – Hume, Monash, Melton and Whitehorse. The report observed Docklands, Mitcham, Craigieburn and Caroline Springs as the most popular suburbs.
The report also noted that apartments and townhouses make up 86% of the total luxury real estate in Melbourne, with smaller luxury apartments most desired by skilled internationals and townhouses most desired by international high net-worth families.
By focusing on infrastructure and education, Melbourne has become one of Australia’s most desirable locations for wealthy internationals in the past 10 years. This is largely due to Australia’s stable economy and appreciation for skilled workers.
International HNWIs looking to purchase a primary or secondary residence in Melbourne’s luxury property market will need a secure way to make international payments between countries.
Terry Ryder, real estate expert and Founder of Hotspotting, suggested that Melbourne’s real estate market is currently exhibiting resilience and high capital growth.
Ryder also noted that due to altered lifestyle preferences in the wake of the Covid-19 pandemic, international HNWIs have been turning their attention to apartments rather than houses so that they can access gyms, rooftop terraces and city life while still living in suburban areas.
According to the report, Docklands, Mitcham and Caroline Springs have witnessed three consecutive quarters of real estate growth, with the market in these suburbs showing no signs of slowing. Sales in the Melbourne real estate market have increased nearly fivefold, moving from 12% growth in Q4 of 2022 to 58% growth in Q2 2023.
Hotspotting’s report indicated that corporations are investing more in areas outside of Melbourne’s Central Business District to take advantage of the excellent real estate potential in these areas, thus creating off-plan properties that cater to the demand of HNWIs.
HNWIs wishing to invest in luxury properties overseas should use a secure online mo transfer service to facilitate the transaction.
Wealthy individuals looking to purchase luxury homes overseas can use our money transfer comparison tool to find the best available exchange rates.
