Melbourne’s Daily Average Visitors Nearing 1 Million

Melbourne Auction Results 28th of August 2017
77% Clearance Rate 836 Reported Auctions	Sold at Auction:	523
	Passed in:	194
	Sold Before:	99
	Sold After:	0
	Postponed	14

Source:REIV

 

Melbourne Market Wrap March 28th August, 2017

The REIV reported 836 properties auctioned this weekend versus 881 last week and 948 for the same time last year. The clearance rate was 77% which is in-line with last week’s result and similarly for last year.

Melbourne’s auction clearance rates have been steady in the past month and showing no signs of this market strength slowing down.

The suburbs with the most auction activity over the weekend were Reservoir, Craigieburn and Hoppers Crossing.

Data provider Core Logic has sounded a warning in their latest Property Pulse report. Despite Melbourne experiencing the strongest selling conditions just 4.5% of all Victorian homes changed hands.

This low turnover of property and a continued decline in stock levels is a major reason why affordability in such a big issue in Melbourne and Sydney. Core Logic Analyst Cameron Kusher cited “high transactional costs” as the culprit for the low turnover but I suspect a lack of options to upsize or downsize and a flat economy as the major reasons for people not moving.

 

Source: PIXABAY

 

Melbourne’s Daily Average Visitors Nearing 1 Million

There seems to be an expert trying to call the next big property every second month. The ABC ran a story last week with the same old rhetoric and economists trying to predict the next property crash. Seriously, some of these guys need to pay a bit more attention on predicting the next GFC rather than trying to predict the next property crash in Melbourne.

Anyway what did catch my eye last week was a very interesting article on Melbourne, this on the back of it being announced as the World’s Most Liveable City for the seventh year in a row.

According to the City of Melbourne’s Daily Population Estimates and Forecasts report nearly one million people will be visiting Melbourne on an average weekday within the next five years. By 2051 Melbourne is expected to have a population of 8 million people and be the size of international cities now such as London, New York, Hong Kong and Bangkok.

Acting Mayor Arron Wood said Melbourne’s daily population grew by six per cent between 2014 and 2016. He went on to say “Our average weekday city population – made up of residents, workers, and local and international visitors – reached a high of 903,000 last year,” Cr Wood said. “At this rate, more than a million people will be entering our city everyday by 2022 and we expect that to grow to approximately 1.4 million by 2036.

Significant spending is needed  “ Once people get to the inner city more than 90 per cent of trips are on foot. With such a significant increase in daily visitation it’s critical we invest more than ever in making our streets pedestrian friendly. That’s everything from widening footpaths, to safer public transport interchanges, to more open space and even wider pedestrian crossings.”

In order For Melbourne to remain vibrant record spending on infrastructure, capital works and streetscape improvements and the Queen Vic Market precinct must continue as part of Council Plan 2017-2021.

With so many people coming into Melbourne pressure for more accomodation and better infrastructure will ultimately increase. In my view and in order for Melbourne to remain a world class city we need to bite the bullet spend the money and build a world class metro system. Something that’s missing from the list below.

Those complaining about the current lack of housing affordability may be in for a rude shock on current trends. Expect affordable housing to live and to rent in Melbourne’s CBD to evaporate over the next few years.

 

Major maintenance and renewal works by the numbers:

Queen Victoria Market Precinct Renewal: $29 million

Southbank Boulevard and Dodd Street improvements: $11 million

Road and footpath renewal: $10.4 million

Parks renewal and tree planting: $8.57 million

Streetlight LED rollout: $5 million

Lady Huntingfield Child Care Centre upgrade and Hotham Hub: $3.7 million

Southbank Promenade improvements: $2.9 million

University Square Master Plan: $2.9 million

Drains renewal: $2.88 million

Bicycle improvement program: $2.55 million

Town Hall Precinct including Visitors Centre: $2.55 million

Major streetscape improvements and design: $2.35 million

Flood mitigation renewal: $2.08 million

JH Boyd redevelopment: $1.7 million

Elizabeth Street South improvements: $1.5 million

Climate adaptation: $1 million

Princes Bridge bluestone repair works: $750,000

Metro Tunnel project: $250,000.

 

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