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Economic boom in Melbourne

09 August 2015 by News Desk

melbourne02The economy of Melbourne is surging with a rising population, record numbers of homes being built and booming retail sales.

Melbourne’s residential population is growing with an increase of 18,000 white collar workers in the past five years and a five per cent increase in Victorian retail sales in the past year. And there’s been a 60% increase in enquiries for leasing office space. There has also been a big rise in the number of international student numbers in Melbourne. 6,000 residences will be completed this year, more than double the annual average of 2,600.

A further 87 developments containing 19,000 new homes have planning approval and a further 90 developments currently seeking approval could see 23,500 new homes built, according to The City of Melbourne’s latest Development Activity Monitor.

Of new residential dwellings currently underway, less than one per cent will be studio apartments; 44% will be one bedroom dwellings; 51% will be two-bedroom and around 5% will have three or more bedrooms.

Across the State, more than 1.2 million visitors came to Victoria in the past 12 months, fuelling a rise in the number of hotels being built. Hotel occupancy rates in Melbourne are 87% and new hotel construction is underway with around 7,000 new rooms being built, approved or awaiting approval.

“Melbourne’s economic outlook is positive: there is great confidence in our city,” said Lord Mayor Robert Doyle. “The City of Melbourne is working hard to ensure we have diversity and quality in our housing stock and the infrastructure to meet the needs of our growing community.”

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