Property investment potential in Melbourne’s Southbank

ImageMelbourne’s Census of Land Use and Employment (CLUE 2010) paints a nice picture for property investors. Image

Those interested in Melbourne property investment may wish to add Southbank to their real estate portfolio.

The area has been developing at a rapid pace and has proven attractive for both commercial and residential purposes.

Recent data from the City of Melbourne's Census of Land Use and Employment (CLUE 2010) reveals that built space in Southbank has risen by 63 per cent since 2002 and employment there has increased by 30 per cent.

Perhaps the most astounding number was in the retail sector – displaying a jump in floor space by over 50 per cent following the opening of South Wharf.

Residential population has also grown by almost 20 per cent to 11,744 between 2006 and 2010.

Chair of the Future Melbourne (Economic Development and Knowledge City) Committee councillor Kevin Louey was pleased to report Southbank as "an evolving and thriving community" and stated that he looks forward to opportunities to come.

He said: "The establishment of a new community hub with a library and civic centre at the Boyd School site is going to be a great addition to the Southbank precinct, giving residents and visitors access to a range of community services."

"The CLUE report provides us with a snapshot of Southbank, with overwhelmingly positive trends," Mr Louey added.

Posted by Sara Pritchard