As a Real estate Agent in Melbourne, we would like to talk about the cities profile, before looking at the real estate market, which will helpful for your dream home hunting.
The City of Melbourne is home to one of the world’s most harmonious and culturally diverse communities.
Our population is made up of people from all over the world. Around 140 cultures are represented, from Victoria’s original Indigenous inhabitants to more recent migrants from countries in Europe, Asia, and Africa.
Some nationalities migrated to Melbourne early in its history and contributed significantly to the city’s growing identity. Others are more recent arrivals, such as the large numbers of international students that have added to the multicultural fabric of the city and its suburbs.
Melbourne today is a welcoming, outgoing and confident city, a reflection on the generous and inclusive spirit of its people. This spirit embraces change while respecting heritage; celebrates diversity while sharing a common sense of place and pride; and aspires to a rich, lively and peaceful future.
Real Estate Market trend
After the hit by COVID in 2020, the Real Estate market is recovering quickly in 2021, the Melbourne housing market just keeps getting hotter.Melbourne home values are 5.3 percent higher than their previous pre-Covid peak reached in March 2020, or $37,646, new figures from CoreLogic show.In Melbourne, house values rose 1.8 percent or almost $22,000 despite the start of June being dominated by a lockdown. The city’s median value is now at a record $930,00 after increasing 11.4 percent over the first half of the year. A further 7.5 percent rise would take the median house value in Melbourne beyond $1 million by Christmas.
It’s not the first time house prices have rushed towards a million-dollar median in Melbourne.
Learn more about the City of Melbourne’s cultural diversity, demographics, and the real estate market, read below articles