City liv­ing a ris­ing trend

Herald Sun - Property - - SUBURB PROFILE -

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.

Pic­ture: TOURISM VIC­TO­RIA.

In­ner-city charms: A City Cir­cle tram passes Flin­ders St sta­tion.

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