More first home buyers are looking to buy in Melbourne City

Market Insights
2 years ago
3 minutes

Melbourne’s vibrancy, atmosphere and sense of community are proving to be huge draw-cards for many first home buyers. New research commissioned by the City of Melbourne found that 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% said they were also considering buying property in the area. 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. 

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

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. 

Club MQ at Melbourne Quarter's East Tower. This exclusive resident's facilities span three floors of East Tower with resort-style amenities.

Lord Mayor Sally Capp said Melbourne continues to 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,” she 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 Lord Mayor continues. 

Until June 2022, a 50% stamp duty concession is available for new residential properties up to $1m within the City of Melbourne. 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. 

Queens Place in Melbourne City is just two minutes' walk to Melbourne Central, Queen Victoria Market and Flagstaff Gardens

Councillor Roshena Campbell, City Activation Portfolio Lead, says there has 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.” 

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

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