Property Values – Melbourne
As most people know when it comes to real estate one of the biggest factors to finding the perfect home is location, location, location! Property values for houses that are in high demand areas such as the major city of Melbourne, are much higher than areas that are further out, and do not offer residents as many amenities or opportunities.
Property values in Melbourne, as with other major cities, rely not only on the size, and state of the house itself, but also where it is located, is it right downtown? Is it further out, but till close to a lot of amenities, and public transit? Is it located in the outer suburbs? While often it is easier to find larger lot sizes further out of the downtown core, the wonderful amenities that the downtown has to offer increase property values tremendously. But what amenities does the city offer that have the ability to increase property values so dramatically? Amenities such as transit, entertainment, and excellent schools are all among the top factors that impact property values.
Made up of a strong transit system, the city of Melbourne makes accessibility throughout the city simple. However, as with many locations the further out you go the less frequent the transit. In addition, with more jobs being located in the downtown and city centre, the further out you are, the longer your commute is likely to be.
When you in the city centre of any major city, especially one as large, and diverse as Melbourne, you are bound to experience some unique entertainment, simply because of your proximity to where all of the excitement is. The city of Melbourne is one that embraces it’s multiculturalism, and celebrates it through multiple festivals and events throughout the year. In addition to these events, the city is also home to many sports teams, such as Rugby Union Clubs: Melbourne Rebels and Melbourne Rising, nine teams from the Australian Football League, and the Netball Club the Melbourne Vixens. In terms of the arts, the city is home to many popular performance venues, such as: The Princess Theatre, The Capitol Theatre, Comedy Theatre, Her Majesty’s Theatre, as well as The Sidney Myer Music Bowl, and Palace Theatre. Living close to so many events and performance locations is something that many people look for. Ease of access to such events, and not having to worry about arranging or paying for parking or transport is a huge cost-saving benefit. Living in such a close proximity also increases the opportunities that residents have to get involved, or to find employment in one of the establishments, increasing near by property values even more.
Property values increase even more when located close to schools that have a strong reputation for providing students with an excellent education, and many opportunities. Home to nationally recognized high schools and globally recognized Universities, it should come as no surprise that the demand to live close to these educational institutions is only growing, similarly to properly values in the downtown area. For families being close, and providing their children with the best education possible is essential, making this area more in demand every year.
Property values are influenced by a lot of things, one of the biggest being location. Being located downtown, or in a city centre is a location that in the case of most major cities always equates to higher property values. From ease of accessibility via public transit,to amenities like sporting events and performances, to highly regarded educational institutions, it is no wonder that these neighbourhoods are so high in demand.