City living a rising trend
THE CBD’s population is soaring as old buildings are converted and shiny new towers deliver fresh housing options for those keen to live in the heart of the city.
The number of people who call the CBD home grew a whopping 143 per cent from more than 12,000 in 2004 to more than 30,000 in 2014.
“People used to look at you a bit weird if you said you lived in the city, they said ‘why would you live in a box if you could get some dirt in the suburbs’, Ray White Melbourne CBD director Andrew Leung said.
But that changed about five years ago when apartments became an acceptable and more affordable option for those who did not want to compromise on location, Mr Leung said.
He said CBD residents loved living in the heart of the action and often reclaimed 2-3 hours a day they used to spend commuting to work.
Galldon Real Estate director Michael Torcasio said Melbourne was a much more cosmopolitan town than it was 10 years ago, with an abundance of dining, shopping and entertainment options bringing the city to life.
He said young professionals, families, empty nesters and students were among those moving to the city for its convenience and lifestyle offerings.
“You’re very close to everything, especially if you work in the CBD. There’s nothing better than closing your front door, walking three blocks and arriving at your workplace,” Mr Torcasio said.
Mr Torcasio and Mr Leung agreed investors remained major players in the CBD property market.
Mr Leung said CBD homes generated strong rental yields, that is the rental income received as a proportion of the purchase price, making them an attractive option for investors.
A City of Melbourne 2013 demographic profile showed apartments made up 69 per cent of CBD homes and half of all homes were rented.
The median age of CBD residents was 26, reflecting the large student population.
As well as an abundance of students, the CBD’s population is heavy with overseas born residents.
Two-thirds were born overseas and 55 per cent speak a language other than English at home.
China was the most common country of birth (14 per cent) and Mandarin was the most common language spoken at home (18 per cent).
Single person households were most common at 36 per cent, followed closely by families at 35 per cent and groups at 17 per cent.
Inner-city charms: A City Circle tram passes Flinders St station.