As migration reaches highest levels in three years, interest in Melbourne properties has sky-rocketed.
People from around the globe are once again looking to call Australia home, leading to a surge in demand for real estate. Searches from overseas for properties to buy and rent on realestate.com.au last quarter reached their highest level since PropTrack records began in 2019.
New Zealand, The United States, The United Kingdom, China, Singapore, Hong Kong, and India are the countries recording the highest searches for Aussie properties.
The Revival of Melbourne’s Property Market
The last couple of years have been challenging for the global property market due to the COVID-19 pandemic and the subsequent restrictions on international travel. However, with the reopening of borders and the resumption of overseas migration, Melbourne’s property market is witnessing a resurgence. Foreign investors and migrants, drawn by the city’s cosmopolitan lifestyle, excellent education institutions, and booming job opportunities, are once again looking to invest in Melbourne’s real estate.
Arrivals from overseas in line with search activity
The increase in searches for Australian rental properties from overseas has coincided with a rise in student arrivals. February saw 142,000 student arrivals, which registered a 190% increase on February 2022, according to data from the Australian Bureau of Statistics. This was largely fuelled by the Chinese government’s call for all international students to return to their campuses at the end of January.
The Role of Overseas Migration on Melbourne property demand
Overseas migration plays a crucial role in fuelling the demand for Melbourne properties. The city’s diverse and inclusive culture, along with its reputation for excellent healthcare and education, make it an attractive destination for migrants. With many foreign professionals seeking new opportunities, and students aspiring to attend renowned universities, the influx of people into Melbourne is on the rise once more. As a result, the demand for properties is soaring, leading to an increase in property prices and driving growth in the real estate sector.
West Side Place: A Gem in Melbourne’s Property Market
Amidst the property boom, West Side Place emerges as an exceptional option for potential purchasers. Located in the heart of Melbourne, this luxurious residential complex offers a blend of contemporary living and world-class amenities. Here are some reasons why West Side Place is gaining popularity with locals and migrants alike:
Situated in the vibrant Western end of Melbourne’s CBD, West Side Place provides easy access to the city’s business precincts, entertainment hubs, public transport and cultural landmarks. Residents can relish the convenience of having everything within reach.
West Side Place boasts an array of opulent apartments with breath-taking views of the city. The residences are meticulously designed with modern aesthetics and state-of-the-art facilities, making it an ideal choice for those seeking a luxurious lifestyle.
The complex offers a range of amenities, including swimming pools and wellness spaces, private dining rooms, cinemas, karaoke rooms, rooftop gardens and exclusive resident lounges. These amenities cater to the diverse needs and preferences of its residents.
With the resurgence in demand for Melbourne properties, investing in West Side Place can be a promising opportunity. The strategic location and upscale features make it an appealing choice for investors looking to capitalise on the city’s thriving real estate market.
Whether you are a homeowner or an investor, considering West Side Place can be a rewarding decision. As Melbourne continues to thrive as a global city, West Side Place offers an unparalleled living experience for those seeking to embrace the excitement and opportunities that this magnificent city has to offer.