Real Estate
GIVEN THAT MELBOURNE KEEPS TOPPING THE LIST OF THE WORLD’S MOST LIVEABLE CITIES, ITS LUXURY REAL ESTATE HAS A LOT TO OFFER, WRITES Tamsin Bradshaw
Melbourne keeps topping the list of the world’s most liveable cities
Residents of melbourne are not surprised that the Australian city, capital of the state of Victoria, was recently declared the world’s most liveable city for the fourth consecutive year by the Economist Intelligence Unit. “For years, residents of this city have perfected the recipe for an idyllic existence: perfect temperate climate, an eclectic food culture and the best latte on earth,” says Nadia Karkar, CEO of Kay & Burton, a premium property agency based in the city. “Where else can you savour runny eggs on toast while sitting on the pier with graceful yachts in the distance, enjoy a brisk walk on the beach with clear blue skies above, and a strong flatwhite with a friendly couple while watching kids play in the park?”
The city is “extremely culturally diverse, which makes it welcoming and embracing,” says Gerald Betts, director of RT Edgar Albert Park. And, he adds, it’s “incredibly cosmopolitan, showcasing some of the world’s best shopping, entertainment, bars, cafes and restaurants, and is the sporting capital of Australia.” In fact, Melbourne hosts some of the world’s biggest sporting events, such as the Melbourne Cup Carnival, perhaps the most anticipated horse racing event on the global equestrian calendar, the Formula
One Grand Prix, and some of the year’s most important cricket matches.
Aside from the lifestyle, there are plenty of other factors that make Melbourne attractive for buyers of residential property. “The amount of space, quality of amenities and magnificent views of the city are unparalleled,” says Karkar. Knight Frank points out in its June 2014 market report that Melbourne has a “sound transport network”, and that the Australian economy’s resilience during the recent global downturn made the city—and counterparts in New South Wales, South Australia and Western Australia—a “safe haven” for foreign investors.
Unless you have temporary or permanent residency, you can only buy new properties or off-the-plan developments, says Karkar, but there are plenty of new developments to consider. Knight Frank says 12,600 apartments will be completed in the next three years. And, adds Biggin & Scott director Andrew Crotty, “In Richmond alone, which is a vibrant suburb with lots of cafes and restaurants, we’ve got 5,000 new apartments slated to go on the market.”
Karkar also suggests looking to the prestigious St Kilda Road for the ultimate in apartment living. “Here [on St Kilda Road], the high-rise buildings are the residence of choice for wealthy couples downsizing from the suburbs and expats who desire close proximity to the city.”