Melbourne’s inner city core has a population of around 29,450 people, a figure that is expected to double to 59,900 over the next 20 years.
As a result, there is much more property development activity in Melbourne CBD than anywhere else in the larger metropolitan area, with the majority of these developments comprising of high-density high-rise apartment buildings.
The area of Southbank, just south of Melbourne’s CBD, currently boasts over 9,000 distinct dwellings, the majority of which are family households (45%).
The number of residential properties is set to rise to more than 26,000 over the next 20 years.
Currently I’m worried by the large number of poorly built inner city apartments on the market or planned for completion.
Many, in fact most, of these are being bought by overseas investors and as these are likely to become the slums of the future.
I would avoid this segment of the Melbourne property market.