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MELBOURNE EDITION the Local Perspective on Prime Property and Lifestyle

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MELBOURNE EDITION the Local Perspective on Prime Property and Lifestyle The Wealth Report City Series MELBOURNE EDITION The local perspective on prime property and lifestyle THE WEALTH REPORT – MELBOURNE EDITION Welcome to the Melbourne Edition Andrew Hay Global Head of Residential [email protected] +44 20 7861 1071 Welcome to the Melbourne Edition of attractive to wealthy residents from The Wealth Report, Knight Frank’s annual across Australia, the wider Asia-Pacific Contents thought-leadership publication for our region and even further afield. UHNW clients and their advisors. The importance of Melbourne’s 01 It is particularly fitting that Melbourne economic mix and skilled employment Briefing should be the focus of our first special base in the context of future investment in In the 12 months to the end of city edition. Its reputation as one of the city-wide infrastructure is also discussed. December 2016, Melbourne prime world’s most exciting urban centres was Findings from previous editions of residential prices increased by underlined when it was named the world’s The Wealth Report have confirmed 8.8%, and grew by 35.1% over the most liveable city for the sixth that lifestyle is a critical issue driving past four years consecutive year in the latest rankings by investment into residential markets page 02 The Economist Intelligence Unit. globally. We consider place-making, This publication not only builds architecture, art, fashion, health, sport 02 on the research and insight Knight and the burgeoning food scene in Living Frank provides every year in The Wealth Melbourne to provide a rounded view From culture to countryside, Report, but also takes a deeper, more of the opportunities the city offers and employment to education, we look localised focus on the issues that that justify its world ranking. at why Melbourne was named the matter to investors, both domestic and We have also assembled an impressive world’s most liveable city for a overseas. It confirms recent trajectories array of experts, who help untangle the remarkable sixth year in a row and drivers, but also forecasts future latest developments in three critical areas page 12 trends and attractions of this leading for residential buyers: new visa rules, the 03 Asia-Pacific destination. latest property taxation reforms, and Insight Knight Frank’s growing market strength school and university options. in Australia means we are able to provide Wherever you are based, or have What are the implications of a comprehensive view of the economy, invested in the past, I hope you enjoy the relocating to a new city, or even investment opportunities, lifestyle and the Melbourne Edition. I am sure you will find another country? Our three experts on immigration, tax and finance, residential market in what is considered it an invaluable aid to your investment NOW AVAILABLE and education give an overview by many to be a world-class city. decisions as you plan for the future. page 26 The definitive analysis on global Our Australia research team provides Our residential and commercial wealth and investment trends a detailed view of where Melbourne sits property teams are available to discuss in the world ranking of prime residential your requirements, whether that’s in markets, examining some of the factors Melbourne or any of the key global – such as relative affordability and the markets we cover via our network of influence of currency – that make it so offices across 58 countries. FLIGHT TIMES TO MELBOURNE 7 6 8 5 The global perspective on prime property and investment 4 3 2 THE WEALTH REPORT 2017 REPORT THE WEALTH The global perspective on prime property and investment 1 THE WEALTH REPORT 2017 REPORT THE WEALTH The global perspective on prime property and investment 1 Sydney = 1 hr 35 mins THE WEALTH REPORT 2017 REPORT THE WEALTH 2 Singapore = 7 hrs 20 mins 3 Kuala Lumpur = 7 hrs 30 mins 4 Bangkok = 8 hrs 50 mins 2017 KnightFrank.com/WealthReport 11th Edition 2017 KnightFrank.com/WealthReport 11th Edition 5 Hong Kong = 9 hrs 20 mins 2017 KnightFrank.com/WealthReport 11th Edition 6 Shanghai = 10 hrs 50 mins 7 Beijing = 11 hrs 30 mins 8 New Delhi = 12 hrs 15 mins KNIGHTFRANK.COM/WEALTHREPORT 02 BRIEFING THE WEALTH REPORT – MELBOURNE EDITION 03 PAUL SAVITZ DIRECTOR OF RESEARCH Key topics & CONSULTING 01 A winning performance Find out why Melbourne sits in the top eight of Knight Frank’s Global Cities Index for prime residential property page 04 02 In good company As a place to both live and invest, Australia’s second city is an attractive proposition page 06 03 A city on the move World-class Infrastructure improvements taking place across Melbourne are opening up new areas for residential and business use credentials page 10 Since 2012, the prime residential market accounting for 28.9% of the national wholesale change – rather, many are in Melbourne (AU$3m+) has shaken off its population increase. looking at a lower-maintenance home in post-financial crisis inertia. According to Foreign migrants not meeting the a similar location or near the central the Knight Frank Prime Global Cities investment criteria of Australia’s business district. This way, they are Index, the city saw annual price growth Significant and Premium Investor Visa familiar with their community and its of 8.8% in 2016, despite new fees being must buy a ‘new’ residential property in amenities, with family and friends introduced for foreign buyers. An order to comply with federal government nearby, while still near enough to enjoy increase in prime values, averaging 2.4% regulations. Many buyers have already Melbourne’s centre. growth per quarter since the June 2015 seen strong investment returns in other These factors, together with quarter, has buoyed values by 76.9% over global cities after buying into projects in Australia’s increasingly important the last decade. once-obsolescent inner-city areas. They safe-haven status, record low interest There continues to be a limited supply are now in a position to add an Australian rates and cheaper finance, are of new prime residential properties being property to their international portfolio. establishing Melbourne as one of the built in Melbourne. This is set against Taking advantage of the lower world’s strongest cities for prime rapid population growth enhanced by Australian dollar, many expats are residential property demand. The strong migration. Greater Melbourne’s returning temporarily to buy a property upsurge in prime transactions, from circa population of 4.53 million has risen at in preparation for resettling in Australia. 300 in 2011 and 2012 to average over 840 a rate of 2.1% per annum over the past 10 Downsizers who have previously lived in between 2014 and 2016, has confirmed its years. At the last count, Melbourne was prestigious suburbs are also taking position on the global prime-residential found to be Australia’s fastest-growing advantage of current market conditions. stage, and only a lack of available prime city, adding 91,600 residents in 2015, They are not necessarily seeking a stock is limiting growth in transactions. PRIME MELBOURNE SALES VOLUMES: 2011–2016 (AU$3M+) CUMULATIVE PRIME PROPERTY VALUE INCREASE 2006–2016 Data to December 2011 299 100% 2012 296 77 75% 2013 488 63 49 2014 706 50% 38 37 38 31 2015 1024 22 24 25 25% 2016 796 0 0 100 200 300 400 500 600 700 800 900 1,000 2011 2012 2013 2015 2014 2016 2010 2007 2008 2009 2006 Source: Knight Frank Research 04 BRIEFING THE WEALTH REPORT – MELBOURNE EDITION 05 CURRENCY MATTERS THE NUMBER OF SQUARE METRES US$1M WILL BUY IN... Based on prime residential prices as at December 2016 Over the three years in which Melbourne’s prime residential growth has totalled 35.1%, the performance of global currencies against the Australian dollar has influenced relative price growth Monaco 17 A winning for different nationalities using foreign performance currencies to fund their purchases. Hong Kong 20 New York 26 The prime-residential property sector in Three-year Melbourne is continuing to experience prime Melbourne London 30 impressive price growth residential growth Geneva 42 35.1% Singapore 43 A severe lack of prime residential supply, Australian dollars 27.6% strong population growth, favourable Shanghai 46 domestic economic conditions and Japanese yen a commitment to new infrastructure 27.6% Paris 55 projects are all contributing to upward ALAN BAXTER/GETTY IMAGES Canadian dollars pressure on pricing in Melbourne. After Beijing 58 a long period of negligible growth across 23.9% Sydney 59 the city, the past four years have seen UK pounds prices begin to catch up with, and Los Angeles 61 surpass, other global destinations. Vancouver and Los Angeles recorded (in square metres) that US$1m will buy in Along with Shanghai, Beijing, stronger prime residential price growth cities around the world shows Monaco is Miami 79 Guangzhou, Seoul, Toronto and than Melbourne since 2012, increasing by the tightest, with our generous budget 18.0% Vancouver, Melbourne now sits in 61.4% and 36.1% respectively. stretching to cover only 17 sq m, followed Berlin 87 Euros the top eight of Knight Frank’s Prime Placing Melbourne’s notable price by Hong Kong at 20 sq m, New York at 26 Tokyo 91 Global Cities Index (out of 40 cities) for performance into a broader context, the sq m and London with 30 sq m. In annual prime residential market Knight Frank Prime Global Cities Index Sydney, lower base pricing means our Mumbai 99 performance. Sydney ranks seventh. has consistently recorded annual average budget stretches to 59 sq m. However, Both cities recorded over 8% annual price growth across all cities of between 3.6% prime Melbourne is larger again, Istanbul 102 growth for the sixth consecutive quarter and 5% since midway through 2014.
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