Melbourne is developing a reputation for being Australia’s most exciting place to live. The city is full of discoveries around every corner and down every lane way - and Melbourne’s cultural reputation is unmatched in Australia. Most people who experience Melbourne understand why it’s regularly judged to be one of the best places to live in the world.
The population of Melbourne is growing rapidly – some analysts have predicted the city’s population will overtake Sydney’s in the first half of the 21st century – and the hustle and bustle is added to by the influx of business travellers and tourists. As a result, recent years have seen a boom in residential and commercial real estate - and serviced apartments have been springing up to accommodate the increasing incomers.
Invest in a Growing City?
The investment options in Melbourne are vast but many industry experts are saying that it’s a great time for investors to buy a serviced apartment in the area as demand for serviced apartments is increasing as the city grows in size and popularity.
There are a few key reasons for this upward trend, but serviced apartments are becoming preferred by both tourists and business travellers as serviced apartments can offer an independent ‘home away from home’ experience but with many of the traditional comforts and trappings of a hotel.
Any property investor knows that location plays a big part in an investment, especially when it comes to serviced apartments, and there are plenty of options conveniently located in or within Melbourne’s popular CBD – minimising investment risk.
Serviced Apartments in Suburban or Regional Areas
Investments don’t necessarily need to be close to the CBD in Melbourne, though, as the city’s outlying suburbs are highly popular and diverse.
Several companies like Quest Properties offer serviced apartment investments in Melbourne’s suburban or regional areas as well as the CBD - offering a more secluded option for longer term and local tenants looking for a more relaxed place and pace away from the hustle and bustle. Many of these apartment complexes have very low vacancy rates, all year round.
In short, it seems a great time to invest in a serviced apartment in Melbourne.
For more information on buying serviced apartments, visit one of Australia’s biggest players, Quest Properties.