Melbourne’s controversial Fishermans Bend urban renewal precinct has been instrumental in making the city one of the top investment hotspots in the world, according to a new global report.
It joins the US cities of Austin, New Mexico, Miami, the Dutch city of Amsterdam, Germany’s Berlin and India’s Bengalaru on the list of cities identified in Knight Frank’s 2017 Wealth Report as presenting “exciting opportunities for private property investors in 2017”.
Melbourne’s growing population, projected to overtake Sydney’s by 2036, a 24 per cent increase in the number of workers based in the inner city in the past decade and consistently high performance in liveability indexes were other reasons for its attraction for investors, the report found.
In Melbourne and Sydney, investment property is in strong demand. Fueled by immigration, low interest rates and the poor performance of stocks and shares, property is the preferred investment vehicle for Australians.
In 2016, the median house price of properties with more than two-bedrooms in desirable public school zones is significantly higher than the median price of similar homes that border the zone.
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