House Value – Melbourne
The infrastructure of a city is something that impacts the everyday lives of its residents both in terms of quality and ease. The city of Melbourne is home to well over 4 million people, and each day they rely on the stable infrastructure that the city has developed over the years to enhance their quality of life, and to help keep their economy, and the value of their houses stable and on the rise. Infrastructure also impacts the value of houses throughout the city. Infrastructure is made up of multiple things including: the health care system, transit, and the accessibility and reliability of resources and utilities.
Home to approximately 30 Hospitals, and 13 Health Organizations, the city of Melbourne’s health department is respected, and often used as a model of how similar departments and hospitals should run in such highly populated locations. Overseen by the Government of Victoria’s Department of Health and Human Services, the city contains several health research facilities, including: The Walter and Eliza Hall Institute of Medical Research, The Murdoch Children’s Research Institute, The Peter MacCallum Cancer Centre, and the St. Vincent’s Institute of Medical Research. Having so many Hospitals and Medical Research Buildings brings many things to the city of Melbourne.
Obviously, having such institutions means that residents are provided up-to-date and state of the art medical care. Having such highly respected and sought after medical institutions and staff throughout the city is a major attraction to many prospective buyers. Health concerns are something that every single person has to deal with at some point, and to be close to some of the best is a benefit that no one can disprove. In addition, having such institutions offers both employment and educational opportunities. These are both definite attractions for prospective buyers as well. All of these benefits actually increase house value because of just how important they are to residents, and how they all benefit the local economy.
The transit system throughout Melbourne is primarily dominant in the inner, more urban city centre as opposed to the more rural suburbs. Most of the transit done throughout the city, although the public transit is strong, is done by resident owned automobiles. Because of this, the maintenance of roads is a priority for the local government, making travelling around, as well as in and out of the city simple. Not having a city that is accessible to it’s residents will do nothing but hurt the economy, and lower the value of the houses throughout. Melbourne makes sure that travel whether it be via ferry, train, bus, or car is as easy, and safe as possible.
It does not matter where you are, the accessibilities to the resources, and utilities that we have become so accustomed to, and rely so much heavily on is necessary to maintain our modern way of living. In Melbourne, the water storage and supply is maintained by Melbourne Water, which the Government of Victoria owns. Gas is distributed by several various companies, each serving a section of the city, and there are five companies that distribute electricity throughout the city. In addition to having the accessibility to these resources, a house’s value can also be dependant on how expensive it is to use them. If gas or electricity charges are extremely high in a city or neighbourhood that is going to hurt the value of homes there. Similarly, if pricing is fair, or much lower than other places the value of homes will increase.This can be applied to if you live out in an extremely rural area where it is difficult to get certain utilities. That is going to greatly impact the value of your house, and be a cause of concern for my potential buyers.