5 MIN READTop real estate hotspots in Melbourne | Part 1

By Mandy Chen

Melbourne is the capital and most populous city of the Australian state of Victoria, and the second most popular city in Australia. Having a better understanding of this vibrant city’s suburbs will enable you to make a better decision when buying a property or investing in real estate in Melbourne.

 

  1. Melbourne CBD

Melbourne City Centre, also known as “The CBD” is Melbourne’s business and financial hub and encompasses the areas from Flinders Street to Queen Victoria Market, from Spencer Street to Spring Street, and between Victoria and Latrobe street. The CBD is home to retail, financial, legal, administrative, recreational, tourist and entertainment facilities and operates 24 hours a day, serving a wide variety of residents, workers and visitors. For the past 5 to 10 years numerous high rises and luxury apartments have been built and in this area and developments continue due to the high demand by students, tourists, and single professionals who prefer to stay at the city area.

 

  1. Carlton

Carlton is the inner-northern suburb of Melbourne. It is a lively suburb and is well-known for its Italian cafes and restaurants at the Italian precinct of Lygon Street. Carlton is also known for its Victorian buildings and lush parks and gardens.

Due to its proximity to the University of Melbourne, the CBD Campus of RMIT University and the Fitzroy campus of Australian Catholic University, Carlton is also home to one of the highest concentrations of university students in Australia.

 

  1. Docklands

Docklands is Melbourne’s inner-western suburb and 2 kilometres from the CBD. The suburb’s 200 hectares of land and water are on Victoria Harbour, west of the city centre, and is close to Melbourne’s main transport networks, including the southern cross station, while being well-known as the home to Etihad Stadium and many other modern buildings, public spaces and artworks.

From the original developments at New Quay, featuring apartments, and restaurants, and marina, Docklands has grown to a waterfront precinct offering a mix of inner-city living, shopping, business, parks, entertainment, dining, sports events, community events, arts and culture.

 

  1. East Melbourne

Two kilometres away from the CBD, East Melbourne is a small established and affluent area of inner Melbourne, with numerous 19th-century homes, iconic landmarks, parks, as well as the world-famous Melbourne Cricket Ground (MCG) located in Yarra Park.

The historic Fitzroy, and the Treasury and Parliament gardens separate East Melbourne from the central city.

 

  1. Kensington & Flemington

Kensington is Four Kilometres north-west of the CBD and is known for its village feel, cafes, and diversity of architecture. The area consists of Kensington and a small part of neighbouring Flemington including Flemington Racecourse and Melbourne Showgrounds.

 

  1. North Melbourne

North Melbourne is two kilometres from the CBD and one of the city’s most complex and dynamic areas. The residences are a mix of established and new housing areas with commercial, industrial, retail and community facilities scattered throughout the area.


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  1. Parkville

Parkville is an inner-city suburb of Melbourne and three kilometres from the CBD, known for its lush green streets, heritage houses and the University of Melbourne’s bustling campus and residential colleges.

Parkville is home to a major hospital, research and institutional facilities including the Royal Melbourne and Royal Children’s hospitals. Royal Park – the municipality’s largest open space can be found here along with one of the major attractions, the Melbourne Zoo.

 

  1. Port Melbourne

5 kilometres in the south-west of the CBD, Port Melbourne is bordered by the shore of Hobsons Bay and the lower reaches of the Yarra River, and includes Fishermans Bend, and is a well-situated business location. Fishermans Bend is Australia’s largest urban renewal project covering approximately 480 hectares in the heart of Melbourne, and will consist of five precincts across two municipalities – the city of Melbourne and the city of Port Philip – and connects the CBD to the bay. It is expected that by 2050, it will be home to approximately 80,000 residents and provide employment for up to 80,000 people.

The formerly industrial Port Melbourne has been subject to intense urban renewal over the past two decades. As a result, Port Melbourne is a diverse and historic area, featuring industrial and port areas along the Yarra, opening parklands, bayside beaches, exclusive apartments and Bay Street restaurants and cafes.

 

  1. Southbank

Southbank is an urban neighbourhood situated 1 kilometre from the CBD and in the southern side of the Yarra River, including Southbank promenade that stretches from Southgate shopping and dining complex to Queensbridge square.

The promenade has many cafes, restaurants, shops, upmarket hotels, offices, public art and modern apartments. The variety and spectacular city views make this area a popular place for locals and visitors to dine, drink, stroll and watch the occasional street performances. Crown Casino, with its clubs, food courts and designer shops is also located in this area.

Significant and rapid residential developments have occurred in the Southbank and the population has skyrocketed. The vast majority of residents live in high-rise apartments, the tallest of which is the 300 metres tall Eureka Tower. The 92-level tower is one of the world’s tallest solely residential buildings.

 

  1. South Yarra

Situated 4 Kilometres away in the south-east side of the CBD is South Yarra. The main shopping region of South Yarra runs along Toorak Road and Chapel Street. Trade along these two arteries are focused on trendy and upmarket shopping, restaurants, nightclubs and cafe culture.

It is an upscale suburb with lots of apartment developments, as well as home to some of Melbourne’s most prestigious residential addresses.

 

  1. West Melbourne

Located in the north-west side of the CBD, is West Melbourne. The suburb is under increasing pressure for residential development, especially in the city fringe. There has been an increase in residential and commercial properties, consisting of a mixture of Victorian single and double-storey terrace houses and apartments in West Melbourne.

 

Stay tuned for Part II of Melbourne’s Real Estate Hotspots!

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