new home growth

The recently released City of Melbourne’s 2016 Census of Land Use and Employment has revealed the immense changes to Inner City Melbourne living that have taken place over the past decade. The census revealed that 9,000 new residential properties have been completed over the past two years - with the number of homes in the municipality now numbering 71,000 in total.

Over the past 10 years, 28,000 new homes have been completed amidst the widespread redevelopment and rezoning of city land. The growing popularity of low-maintenance living is highlighted with apartments now comprising almost 80 per cent of all homes in the City of Melbourne.

The focus of the majority of new home growth in the past decade has been in Melbourne’s CBD, Southbank and Docklands. The number of homes in Melbourne’s CBD now sits at 19,200, a 61 per cent increase since 2010. Today there are 10,450 homes in Southbank and 6,010 homes in Docklands, an increase of 146 per cent and 94 per cent since 2006 respectively.

Consistently improving infrastructure and services, including the building of four new city schools, is planned to further transform Melbourne into a global city, with a further 1,615,200 sqm of residential, commercial and retail property currently under construction. The future residential redevelopment of the formerly industrial precincts of Fishermans Bend (Port Melbourne), Arden (North Melbourne) and E-Gate (West Melbourne) will each welcome a significant new number of homes over the next decade.

One of the key drivers of the popularity of Melbourne city living is the growing employment opportunities on offer, with 455,800 jobs now based in the municipality – a 26 per cent increase over the past 10 years. Whilst 220,000 people work in the CBD, an additional 58,600 workers are based in the Docklands, mostly within the growing number of major corporate headquarters now calling the suburb home.

To find out more about the changes planned for your suburb or how property in your suburb has and will change, contact your local area experts on 9091 1400.