Melbourne CBD Apartments for Sale 

The stronger preference of people to reside in a more central location to be closer to transport and amenities during the 2000s, has been highlighted by population growth in the Melbourne Central Business District (CBD), which contained 6,498 residents at June 2001. Over the five years to 2006, population in Melbourne’s CBD increased at a sizeable average rate of 13.9% per annum, quicker than the average annual growth rate achieved by the Melbourne Local Government area, or LGA (7.8%per annum) and
Metropolitan Melbourne (1.5% per annum).

This trend has continued in the most recent data for the three years to 2009, with the Melbourne CBD (6.2% per annum) again experiencing the highest average annual population growth rate, followed by Melbourne LGA (4.8% per annum) and Metropolitan Melbourne (2.2% per annum).

The growth in overseas migration, driven by overseas students and people coming to Australia on
working visas, in the last decade has been a key influence on population growth in the Melbourne CBD. The majority of these migrants seek rental accommodation, as they are only in Australia for a few years,
and desire to be close to transport, education providers, restaurants and entertainment, which draws them to live in or adjoining the Melbourne CBD.

The Melbourne CBD contains a younger age profile of residents than the Inner Melbourne Apartment (IMA) area and Metropolitan Melbourne. The IMA area coincides with an area encompassing a 3–5 kilometre radius from the Melbourne CBD and contains much of Melbourne’s high rise apartment stock.
People aged between 15 and 34 years of age, which encompasses students and young apartment
dwellers who are typically employed in white collar professional occupations close to the CBD,
account for 75% of residents living in the Melbourne CBD.

In all other age brackets, the Melbourne CBD is under represented when compared to Metropolitan
Melbourne. This insinuates the preference of families with children to live in the middle to outer ring
suburbs. Whilst there is an element of older residents that trade down in an apartment in the Inner City,
the age profile suggests that many empty nesters still prefer to remain in their family home or trade down to a
dwelling close to their existing home once their children have moved out.

Apartment rental yields in the Melbourne CBD region are generally higher than the Inner Melbourne area
overall, and well above that for units across Metropolitan Melbourne. Yields are also currently well above their previous low point in 2002. With rental growth expected to remain solid over the next three years, yields should continue to be attractive to investors of apartments in the Melbourne CBD.

Source: BIS Shrapnel November 2010

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