City living attracting young buyers to Melbourne

Melbourne’s vibrancy, atmosphere and sense of community are proving to be huge draw-cards for students and first home buyers.

​New research commissioned by the City of Melbourne found more than half (56%) of first home buyers are likely to consider buying in Melbourne – with many citing the allure of the city and a desire to be close to the action.

Of those already living in Melbourne, 48 per cent said they were also considering buying property in the area.  

Nearly half (43%) of those looking to buy in the city were in the market for an apartment or unit, with features such as natural light, views and communal areas.  

Lord Mayor Sally Capp said Melbourne continues be one of the world’s most liveable cities, despite the challenges of COVID-19. 

“Melbourne has a vibe like no other – and these results show that our magnificent city has maintained its allure,” the Lord Mayor said.

“This city has so much to offer, from its beautiful gardens and eateries, to the incredible festivals and sporting spectacles that will return when we come out of lockdown. 

“Nothing compares to Melbourne, and future home buyers know that.” 

The City of Melbourne is expecting a new stamp duty discount will attract even more buyers over the coming year. 

Until 30 June 2022, a 50 per cent stamp duty concession is available for new residential properties up to $1 million within the City of Melbourne. A full exemption is available for new residential properties that have been on the market for more than 12 months.

More than one-third (39%) of those surveyed said cheaper prices would encourage them to consider buying in the city, but most were unaware of the stamp duty concession.

Lord Mayor Sally Capp said the discounts could amount to tens-of-thousands of dollars in savings. 

“Affordability in the city has two levels right now. It’s affordable to buy, compared to Sydney, and it’s affordable to live – because everything you need to work, live and play, is within walking distance,” the Lord Mayor said. 

“These stamp duty concessions will attract more people to the heart of our city, and this will be an important factor in helping boost Melbourne’s economy as we bounce back from the pandemic.

“Now buyers have an even better shot at purchasing a home here, and we welcome them with open arms.” 

A separate study carried out by the City of Melbourne found nearly half (46%) of those not living in the city would consider buying or renting there in the future.

Those most likely to consider a move to the city include students (68%), those aged 18-24 (69%), those who recently visited the city for leisure (64%) and city workers (63%). 

Of the city residents surveyed, 77 per cent said they love living in Melbourne, pointing to the exciting and vibrant atmosphere and local community. 

City Activation portfolio lead, Councillor Roshena Campbell, said there’s never been a better time to consider a move to Melbourne. 

“As we emerge from lockdown, living in the city will allow residents to enjoy on a daily basis all the things we’ve missed most. Living in the city means having world class dining, galleries and shopping right on your doorstep,” Cr Campbell said. 

“As our city gets ready to bounce back, now is the ideal time to purchase.” 

The research is being carried out as part of a rousing new City of Melbourne campaign to attract more residents into the city.   

/Public Release. View in full here.