What a time to be a Melbournian. More so, what a time to invest in Melbourne property.

Recently, The Economists liveability index named Melbourne the world’s most liveable city for the 6th year in a row. For the first time in 9 years, Sydney failed to make the top 10.

So what’s all the hype about Melbourne, and why are investors, both local and international, seeking more and more property advice about the world’s most liveable city?

Here are 10 liveability statistics demonstrating the rapidly growing business, arts and cultural mecca that is Melbourne:

1. 27% of Victoria’s Gross State Profit come from Melbourne City, and so does 6% of Australia’s Gross Domestic Product
2. There are 450,336 jobs in Melbourne City, 7.76 million m2  of office space and 1.54 million m2 of retail space
3. In 2014, Melbourne’s Gross Local Product (a measure of the size of Melbourne’s economy) was $88.5 billion, and in 2015 this figure increased considerably to $90.6 billion
4. Melbourne City’s population is expected to grow rapidly at an average annual rate of 5.8%, reaching a forecast population of over 133,000 in 2016
5.  The Melbourne area has become increasingly multicultural since 2006 when over 48.5% of the population was born overseas, this stat again increased in 2011 to 53.5%
6. Young people and young adults (12-35 years old) comprise the largest proportion of the residential population at just over 60%
7. Between 2014 and 2016, new supply for housing is expected to average 6600 new dwellings per year, over 90% being apartments. This figure triples the 10 year average of 2100 dwelling per year. This is a necessary trend, as Melbourne is the only Local Government Area in Australia that is forecasted by the Housing Industry Association to supply sufficient housing to meet the forecasted demand by 2020
8. 42.5% of the Melbourne City population is attending an educational institution. This is higher than the 30% average for Australia. Melbourne is also home to 50% of the top 20 biotech companies that are listed on the Australian Stock Exchange
9. The carriage of goods through the Port of Melbourne is expected to quadruple to eight million TEU (Twenty-Foot Equivalent Units) per annum by 2035
10. Both locally and internationally, Melbourne had developed a reputation as a multi-billion dollar multicultural mecca for business, arts and cuisine. Out of the 429 AGFA (Australian Good Food & Travel Guide) Chef Hat Awards for 2016, 104 were awarded to Victorians, and out of these 68 chefs were based in, you guessed it, Melbourne!

Data source: http://www.melbourne.vic.gov.au/about-melbourne/research-and-statistics/city-economy/pages/economic-profile.aspx

Melbourne is positioned for rapid growth, across all sectors. When you consider these statistics, especially, that of the age of the largest proportion of residents and the significant number involved in tertiary and higher education.

In addition, consider the significant volume of corporate business activity and growth in GLP, you will start to notice a trend. Rental demand is high and will continue to increase.

Melbourne property investors are in a prime position to take advantage of this momentum, but so are investors Australia wide.