Melbourne Real Estate Market Insights

Is Melbourne, VIC your dream location? It's an excellent first step to decide whether or not it will suit your lifestyle needs. Choosing a new city based on gut instinct is now a thing of the past; the Homes.com.au team have created a city profile to provide information regarding the Greater Melbourne median property prices, market trends & demographics to help you make an intelligent decision about your next home or investment.

If you are considering packing up and moving to the City of Melbourne, keep reading for a brief historical overview to find out more about the fantastic lifestyle and what makes this city so popular.

Melbourne is the capital city of Victoria and is the most populous city in the state. Melbourne has a total land area of 9,993 km2, and it is home to 5,078,193 residents, based on the 2019 estimates of the Australian Statistics Bureau. There are 31 local government areas across the Greater Melbourne area, consisting of 321 suburbs.

Facilities Around Melbourne Melbourne is one of Australia's most important financial centres, with industries such as finance, manufacturing, IT, research and transportation thriving in the city. Several large corporations have headquarters in Melbourne, including ANZ, BHP Billiton, the National Australia Bank, CSL and Telstra.

The city is home to the most skyscrapers compared to any other Australian city, with the tallest being the Australia 108. The Southbank By Beulah, which is under construction, is also located in Melbourne and would be the tallest structure in Australia once completed in 2025.

For shopping in the CBD, the city has the pedestrian and tram only Bourke Street Mall (where Myers is located) and Emporium Melbourne--the most extensive shopping establishment in the city centre. On South Wharf, the DFO is a two-level outlet centre with over 180 outlet stores of brands such as Michale Kors, Armani and Kate Spade.

Melbourne's unique mix of cultures has led to an eclectic dining scene. Restaurants in the city serve dishes from Chinese, Vietnamese, Italian, Lebanese, Spanish and Modern Australian cuisines.

Aside from being a business hub, Melbourne is also recognised as a centre of sport, music and the arts.

The city's art precinct is located along the south bank of the Yarra River, where the Arts Centre, The Australian Ballet, and the National Gallery of Victoria are located. Then there's also the East End Theatre District, which is home to six of the city's major theatres.

Some of Australia's leading schools are located in Melbourne. There are eight public universities in the city: the University of Melbourne, Monash University, Swinburne University of Technology, Deakin University, RMIT University, La Trobe University, Australian Catholic University, and Victoria University. There is also an increasing number of international students studying in Melbourne.

The State Library of Victoria, which is one of the oldest free libraries globally and the oldest in Australia, is located in Melbourne.

Most residents, especially in the outer suburbs, are dependent on their automobiles for transport. However, Melbourne also has an integrated public transport system and has extensive tram, train, bus and taxi services. The city has four airports, with the Melbourne Airport in the suburb of Tullamarine being the area's main gateway.

Famous Destinations Around Melbourne

Royal Botanic Gardens Just two kilometres outside the CBD is the Royal Botanic Gardens. Over 8,500 plant species are found here, and it is one of the favourite areas for picnics of locals.

Melbourne Cricket Ground (MCG)/ National Sports Museum Being Australia's sporting capital, the MCG is one of Melbourne's top tourist attractions. This venue was host to the 1956 Olympic Games and the 2006 Commonwealth Games. Located in the facility is the National Sports Museum, which is dedicated to Australian sport.

Melbourne Zoo The historic Melbourne Zoo is home to over 300 species of animals. It is famous for its Trail of Elephants attraction, where resident Asian elephants freely roam and forage in the area. Melbourne Zoo also serves as an Orangutan Sanctuary.

History of Melbourne Before the arrival of the European settlers in the 19th century, Indigenous Australians had lived in the Melbourne area for 40,000 years.

Colonel David Collins led the first settlement in the state at Sullivan Bay (present-day Sorrento) in 1803. In June 1835, Australian explorer and entrepreneur John Batman explored the Melbourne area and claimed to have negotiated a purchase of 2,400 km2 of land with the Wurundjeri elders (known as Batman's Treaty). Two months after, new settlers arrived and established a settlement at the site where the Melbourne Immigration Museum is located. Batman and the new group agreed to share the settlement.

Batman's Treaty, however, was annulled by the Governor of New South Wales (who also governed eastern mainland Australia) Richard Bourke. In 1836, Bourke announced Melbourne as the administrative capital of the Port Phillip District of NSW.

Before the settlement was named Melbourne, the area was briefly called "Batmania". Governor Bourke officially named the city Melbourne in 1837, after the seat of British Prime Minister William Lamb, which was at Melbourne Hall in the market town of Melbourne, Derbyshire.

By the year 1847, the letters patent of Queen Victoria dated 25 June 1847 declared Melbourne a city. Four years after, the Port Phillip District separated from NSW and became the Colony of Victoria, with Melbourne being its capital.

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