RESIDENTIAL RESEARCH - Knight Frank
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RESIDENTIAL RESEARCH LIVING & STUDYING BUYING PROPERTY WHY INVEST?
Contents
1. Melbourne—The cultural city
page 2
2. Living in Melbourne
page 4
3. Studying in Melbourne A fulfilling lifestyle can be the strongest
page 7 drawcard to a global city. With Melbourne
City Wealth Index
hosting some of the biggest sporting and Melbourne ranked equal 20th place with
4. Housing in Melbourne Madrid on the Knight Frank City Wealth
cultural events in the world, it’s little
page 10
wonder the city has successively been Index 2018—for cities that matter to the
5. Renting in Melbourne ranked in the top 3 for liveable cities ultra-wealthy.
page 11 around the world for the past decade.
This guide focuses on living, studying and
6. Buying in Melbourne buying residential property in Melbourne. Knight Frank City Wealth Index
page 12
2018, Melbourne
7. Buying as a First Home Buyer Liveability 314 international cities ranked in each category
page 13 Melbourne ranked 2nd place of the Ranking
World’s Most Liveable Cities in 2018,
8. Buying as a Foreign Investor
according to the Economist Intelligence Wealth 44
page 14
Unit (based on 30 factors spread across Investment =15
9. Owning in Melbourne five areas: stability, infrastructure,
education, health care and environment). Lifestyle 25
page 19
The city was narrowly overtaken by Future 26
10. Selling in Melbourne Vienna (scoring 0.7 more points) after
page 20 OVERALL =20
holding first place for the past seven
consecutive years.
Feature:
10 reasons to invest in Melbourne
page 22
Melbourne performed best in the
Most Liveable Cities 2018 ‘investment’ category in 15th place after
Index of 140 global cities based on Stability,
considering the average number of
Infrastructure, Education, Health Care
& Environment nationalities investing in 2016 and 2017,
plus the average private investment into
1. Vienna, Austria
property over the same time.
2. Melbourne, Australia
Breaking down elements in the ‘lifestyle’
3. Osaka, Japan category, where Melbourne ranked 25th
globally, the city scored the global top
4. Calgary, Canada
spot for the highest average spend per
5. Sydney, Australia overnight visitor at US$1,925. Other
elements considered for lifestyle included
6. Vancouver, Canada
cities with the most universities in the top
=7. Toronto, Canada 100 and the number of five-star hotels.
=7. Tokyo, Japan The ‘future’ prospects for Melbourne
9. Copenhagen, Denmark when based on GDP performance, saw
the city in 26th place for this category.
10. Adelaide, Australia Taking into account the future growth in
the number of households earning
US$250,000, the ‘wealth’ category saw
Melbourne in 44th position.
2
FOCUS ON MELBOURNE Q2 2019 RESEARCH
International pubs, while High Street in Armadale
houses designer clothes, elegant bridal,
Visitors homeware, gifts, galleries and antiques.
FAST FACTS
Home to some of the biggest sporting Acland Street, St Kilda is located
and cultural events in the world, adjacent to the bay and a short stroll to MELBOURNE
Melbourne paves the way when hosting St Kilda Pier, Luna Park and easily
both local and international events. The accessible from the city by tram. • Melbourne is the state capital
annual events calendar is full with arts of Victoria.
festivals, live music, exhibitions, theatre St Kilda is popular with locals and
• Australia’s second largest
shows, sport and activities for children of tourists alike. Convenient shopping capital city, with approximately
all ages. centres are dispersed within suburban 4.9 million residents estimated
areas. Shopping centres such as living in the Greater Melbourne
Melbourne accommodates a vast array of Chadstone, Highpoint and Southland are region in 2017.
world renowned restaurants, art galleries, designed as retail destinations, including
independent fashion houses and vibrant department stores, casual dining and • Located on the East Coast,
and covers a geographic area
retail strips encouraging the coffee- cinemas.
of 9,900 sqm.
culture society.
The number of international visitors to • Dry and hot summers (mean
Chapel Street, South Yarra and Bridge Victoria grew 5.4%, to total 3 million, in maximum 26°C) and cooler
Road, Richmond host fashion labels and the year ending December 2018. The winters (mean average of 6°C).
local designers; while in the CBD, most number of international tourists
• Most daily sunshine is eleven
Flinders Lane and Bourke Street Mall are came from China (659,300) and New
(11) hours in the month of
within close proximity for workers and Zealand (336,100) and the United States January.
residents. International brands are well- (234,700) as shown in Figure 1.
established, with many luxury brands • Melbourne operates under the
home at the Paris-end of Collins Street. There was strong growth in international Australian Eastern Standard
arrivals over this time from India (19.4%), Time (AEST) time zone from
early April to early October
Gertrude Street in Fitzroy is full of bars, France (17.1%), Canada (12.9%), Taiwan
each year and Australian
restaurants, galleries, boutiques, vintage (12.7%), Indonesia (8.9%%), followed by Eastern Daylight Time (AEDT)
wears, costume hire and old-school Japan (6.6%). at other times of the year.
• From Melbourne, current
average flying travel time is
approximately seven (7) hours
to Jakarta, eight (8) to
Singapore and Kuala Lumpur,
International Visitors to Victoria, by Country of Residence nine (9) hours to Hong Kong,
Total number, year ending December 2018 10 hours to Shanghai and 13
hours to Beijing.
China • Melbourne is home to some of
New Zealand the biggest sporting and
U.S
cultural events in the world,
U.K
paving the way when hosting
both local and international
India
events.
Malaysia
Singapore
Hong Kong
Japan
Germany
Indonesia
Taiwan
Canada
Korea
France
Scandinavia
Thailand
Italy
Netherlands
0 100,000 200,000 300,000 400,000 500,000 600,000 700,000
3
Melbourne’s Melbourne household. Other typical
languages included Greek (2.4%), Italian
Demographic (2.3%), Vietnamese (2.3%) and
MELBOURNE
ANNUAL EVENT Profile Cantonese (1.7%).
CALENDAR Population
Population has been rising steadily in Education
JANUARY Melbourne with strong interstate Melbourne is a skilled city. A higher
• Melbourne Chinese New Year migration into the city. Over the year to proportion of people were educated at
Festival
• Australian Open Tennis 30 June 2017, an increase in the university level (27.5%) compared to the
• Australia Day Melbourne estimated resident population was Australian average (22.0%). In
Celebrations recorded at 2.7% to 4.9 million. This is Melbourne, 20.4% of the local student
FEBRUARY well-ahead of the overall Australian population were studying at university in
• Asia Pop Courtyard Cantina population growth of 1.6%. According to the 2016 Census, compared to the
• Melbourne International Coffee the Australian Bureau of Statistics (ABS), national average of 16.1%.
Exhibition the Melbourne population is projected to
MARCH grow annually by a minimum of 1.7%, to
• Melbourne Food and Wine 6.4 million persons by 2036.
Festival Work
• Formula 1 Grand Prix The most common occupation of
• The Melbourne International Melbourne’s residents were in
Flower and Garden Show Age Distribution professional services—at 25% compared
APRIL Residents are primarily young to middle to the national 22.2% average.
• Melbourne Comedy Festival
aged—with 30.6% of Melbourne’s
• Oxfam Trailwalker
population aged between 20 and 44 Clerical and administrative workers
MAY years old, compared to the national (13.9%), managers (13.2%) and
• Melbourne Good Beer Week
• Human Rights Arts & Film 34.6% average for this age group. technicians and trades workers (12.6%)
Festival were the next most common
occupations.
JUNE
• Ski Season in Mount Hotham, Multiculturalism
Mount Buller and Falls Creek Of all the employed people in Melbourne,
• Melbourne International Jazz Melbourne is a true multicultural city, with
3.7% worked in hospitals. Other major
Festival 42.9% of residents being born outside of
industries of employment included cafés
Australia. The most prominent countries
JULY and restaurants (2.7%), supermarket and
• Run Melbourne include India (3.6%), China (3.5%),
grocery stores (2.2%), computer system
England (3.0%), Vietnam (1.8%) and New
AUGUST design and related services (2.2%) and
• Melbourne Fishing and Boating
Zealand (1.8%). In addition, 46.2% of
higher education (1.8%).
Exhibition Melbourne’s residents’ parents were born
• Melbourne International Film overseas—compared to the national
Festival average of 34.4%.
SEPTEMBER Travel to Work
• Melbourne Fringe Festival In Melbourne at the time of the Census
• Spring Racing Carnival 2016, the most common methods of
• Australian Football League Grand Religion
Final travel to work for employed people were
The Catholic religion was practiced by
• Royal Melbourne Show by car, as a driver (60.2%) and train
23.4% of Melbourne residents at the time
(7.2%). Other common responses were
OCTOBER of the Census 2016, this was followed by
• Melbourne Festival worked at home (4.2%), car, as a
Anglican at 7.6%, then Eastern Orthodox
passenger (3.9%) and walked only
NOVEMBER with 4.3%. No religion was the most
(3.0%).
• Melbourne Cup Carnival common response in Melbourne with
DECEMBER 31% of the population.
On the day, 15.6% of employed people
• International Sailing Federation
World Cup used public transport (train, bus, ferry,
• New Year’s Eve at Federation tram/light rail) as at least one of their
Square Language methods of travel to work and 66.9%
• Boxing Day Cricket Test used a car (either as driver or as
Other than English, Mandarin (4.1%) was
the most common language spoken in a passenger).
4
FOCUS ON MELBOURNE Q2 2019 RESEARCH
Key Employment and Market Street in South Melbourne. Burwood, Cheltenham, Moorabbin,
Accessible by: train, tram, ferry, bus and Dandenong, Footscray, Moonee Ponds
Hubs car. and Essendon. Most precincts are
The distribution of employment accessible by train, tram, bus and car.
opportunities are wide across Melbourne, East Melbourne sits to the eastern side of
although there are key concentrated the CBD and is generally bound by the
areas for office and industrial workers. Melbourne Cricket Ground (MCG) in the Industrial
south, Hoddle Street to the east and up Industrial areas are more spread across
to North Richmond train station, along the metropolitan area varying from
Commercial Victoria Parade and around to Spring distribution centres, to warehouses, and
Melbourne CBD is the largest office Street. Workers are often seen enjoying industrial estates. Most suburbs are
market in Melbourne. The CBD extends Fitzroy Gardens at lunchtime. Accessible accessible via bus, tram, truck and car.
north of the Yarra River, from Flinders by: train, tram, bus and car.
Street Station up to Queen Victoria North: Tullamarine, Epping, Somerton.
Markets and Carlton Gardens and bound St Kilda Road precinct sweeps along the
by Flinders Street, Spring Street, Victoria St Kilda Road boulevard from the Shrine South East: Mulgrave, Springvale,
Street, Dudley Street and Spencer Street; of Remembrance down to the Queens Dandenong South, Keysborough,
then across to include the suburb of Way (Princes Hwy); also extending partly Braeside, Pakenham, Lyndhurst.
Docklands. Accessible by: train, tram, down Albert Road to Moray Street, near
ferry, bus and car. Albert Park Lake. Accessible by: tram, West: Port Melbourne, Footscray,
train, bus and car. Altona North, Laverton North,
Southbank accommodates the next Westmeadows, Truganina, Derrimut.
largest office market. Located south of Suburban locations include Richmond,
the Yarra River and extends down the Carlton, Port Melbourne, Hawthorn, East: Blackburn, Mt Waverley, Ringwood,
Kingsway to adjoin the St Kilda Road Camberwell, Kew, Malvern, South Yarra, Bayswater, Clayton South, Croydon
precinct and Montague Street to the west Box Hill, Mt Waverley, Mulgrave, South, Knoxfield, Scoresby.
Melbourne
Major infrastructure network
5
6
FOCUS ON MELBOURNE Q2 2019 RESEARCH
Schools Universities single student visa regardless of their
chosen course of study and the Student
Schools in Australia generally comprise a Most universities have a main campus Guardian Visa—Subclass 590 where
mix of local and international students. with several smaller campuses located student guardians can apply for the new
The education system is broadly divided across multiple states and territories; in Student Guardian Visa.
into primary (aged 5-12) and secondary CBD, metropolitan and regional areas.
(aged 13-18). There are two main types This provides a wide range of options All students and student guardians will
of public and private schools: when studying in Australia with many generally be required to lodge their visa
universities also setting up campuses application online by creating an
based in major international cities. ImmiAccount.
Public Schools
Public schools are financially and
administratively operated by the State
Government and provide free education
International
to domestic students. First preference is Students
normally given to those living within a Reflecting the strong reputation
particular catchment area from the internationally, universities in Victoria APPLICATION
school. Student visa holders must pay a accommodate a large international PROCESS FOR
fixed fee for each year of education, student base. International student
dependent on the type of visa held.
INTERNATIONAL
enrolments in Victoria increased 10.8%,
to 280,500, in 2018. Higher Education STUDENTS
Selective public schools are financially had most demand in student enrolments
and administratively operated by the with 140,800, while international
State Government. Selective public enrolments in Schools represented 9,500 TO SCHOOL
schools are regarded as more prestigious students. Expression of interest form: must
due to the academic selective nature. be completed prior to the school
Students must sit academic examination Across all education sectors, the largest year in order to guarantee a
and excel in order to be offered a group of international students have position for the student.
position from the respective school. enrolled in Victoria from China (88,300),
India (50,300), Malaysia (16,600), Vietnam Wait for offer: If all requirements
Additionally, these selective public (12,750) and Sri Lanka (9,500). are met, the school will offer a
schools do not usually limit their intake to formal placement in writing.
catchment areas. Due to their public The application process for international
nature, student visa holders must pay a students applying to Australian Apply for a Student Visa: With the
fee for each year of education. universities is similar to local students. formal school offer, students can
The length of the application process can then apply for the SSVF online.
Private Schools often be longer than local students, as
more information is required before
Independent schools are financially and
acceptance.
administratively privately operated. TO UNIVERSITY
Independent schools therefore hold more Apply directly online: through the
Most universities will require an IELTS
control over the quantity and quality of university website and provide all
(International English Language Testing
teachers, classroom sizes, amenities and required evidence. In most
System) examination conducted, an
co-curricular activities. Fees for instances this is prior education,
internationally recognised education
independent schools are usually high, but financial and English language
qualification and a portfolio of previous
can be considered to provide an competence.
work experience where applicable.
investment for superior education and
amenities to students. Wait for Offer: If all requirements
The Simplified Student Visa are met, the university will offer a
Religion-based schools hold faith at the Framework (SSVF) formal placement in writing.
core of their education—however they The Simplified Student Visa Framework
continue to follow the state government (SSVF) is designed to make the process Apply for a Student Visa: With the
education curriculum. These religion- of applying for a student visa in Australia formal university offer, students
based schools are usually non- simpler to navigate via two subclasses: can then apply for SSVF online.
government, and thus often have higher
fees than government subsidised Student Visa—Subclass 500 where
schools. international students can apply for a
7
Private Schools for International Students, Melbourne Sample of private schools registered to accept international students, 2019 S ub ur b S chool R elig ion Gend er Year Lev els Ar mad ale Lauriston Girls' School Non-denominational Girls K-12 Alp hing ton Alphington Grammer School Non-denominational Co-ed K-12 B alwy n Fintona Girls' School Non-denominational Girls pre-K-12 B ox Hill Kingswood College Uniting Co-ed K-12 B r ig hton Brighton Grammar School Anglican Boys pre-K-12 B r ig hton Firbank Grammar Anglican Co-ed pre-K-12 B r ig hton E as t St Leonard's College Uniting Co-ed pre-K-12 B r uns wick E as t Our Lady of Christians School Catholic Co-ed K-6 B ur wood Presentation Ladies' College Presbyterian Girls pre-K-12 Canter b ur y Camberwell Grammar School Anglican Boys pre-K-12 Canter b ur y Camberwell Girls Grammar School Anglican Girls pre-K-12 Canter b ur y Strathcona Baptist Girls Grammar School Baptist Girls pre-K-12 Caulfield Shelford Girls' Grammar Anglican Girls pre-K-12 Chad s tone St Mary Magdalen's School Catholic Co-ed K-6 Clar ind a Heatherton Christian College Catholic Co-ed pre-K-12 Cob ur g Mercy College Catholic Girls 7-12 Cor io Geelong Grammar School Anglican Co-ed 5-12 Cr oy d on Hills Luther College Lutheran Co-ed 7-12 E s s end on Lowther Hall Anglican Grammar School Anglican Girls K-12 Fitzr oy Sacred Heart School Catholic Co-ed K-6 Glen I r is Korowa Anglican Girls School Anglican Girls pre-K-12 Glen I r is Sacre Coeur Catholic Girls pre-K-12 Hawthor n Scotch College Presbyterian Boys pre-K-12 Hawthor n E as t Alia College Non-denominational Co-ed 7-12 I v anhoe Ivanhoe Girls' Grammar School Anglican Girls pre-K-12 Kew Ruyton Girls' School Non-denominational Girls pre-K-12 Kew Trinity Grammar School Anglican Boys pre-K-12 Kew MLC, Methodist Ladies' College Methodist Girls pre-K-12 Kew Genazzano FCJ College Catholic Girls pre-K-12 Key s b or oug h Haileybury Non-denominational Co-ed pre-K-12 M elb our ne Wesley College Uniting Co-ed pre-K-12 M elb our ne Melbourne Grammar School Anglican Boys pre-K-12 M entone Mentone Grammar Anglican Co-ed K-12 M entone Mentone Girls' Grammar School Anglican Girls pre-K-12 Newtown The Geelong College Uniting Co-ed pre-K-12 Nor th M elb our ne St Aloysius College Catholic Girls 7-12 Oak leig h Oakleigh Gammar Christian Co-ed pre-K-12 Or mond Kilvington Grammar School Baptist Co-ed pre-K-12 R es ear ch Eltham College Non-denominational Co-ed K-12 S outh Yar r a Melbourne Girls Grammar Anglican Girls pre-K-12 S p r ing v ale Minaret College Islamic Co-ed pre-K-12 S t Kild a St Michael's Grammar School Anglican Co-ed pre-K-12 S t Kild a E as t Caulfield Grammar School Anglican Co-ed K-12 S t Kild a E as t CBC Catholic Boys 7-12 Toor ak St Catherine's School Christian Girls pre-K-12 Toor ak St Kevin's College Catholic Boys pre-K-6 Wind s or Presentation College Catholic Girls 7-12 8
FOCUS ON MELBOURNE Q2 2019 RESEARCH
Universities, Victoria
Universities accepting international students
Annual Average
World Australian Number of International
Adjusted International
University Name Ranking Ranking International Students % of
Graduate Salary Student Fees
2017 2017 Students Total Students
University of Melbourne 50 1 $58,853 15,534 29% $35,000
Monash University 114 10 $48,041 23,298 35% $36,000
Deakin University 341 7 $49,265 7,528 15% $27,000
RMIT University 364 39 $42,053 26,391 45% $29,000
La Trobe University 405 36 $48,801 7,811 23% $26,000
Swinbourne Uni. of Technology 736 34 $45,531 8,425 25% $24,000
Victoria University 737 33 $51,492 9,903 36% $23,000
Federation University 1,526 31 $49,265 7,528 15% $27,000
University of Divinity 13,882 38 $42,589 126 8% NA
Definitions
World Ranking is calculated by averaging the ranking produced by QS World University Ranking, the Shanghai Academic Ranking of World Universities and Webometrics web publishing
rankings.
Australian Ranking is calculated from the combined score for World Ranking (reputation), Graduate Satisfaction (ratings) and Adjusted Graduate Salary (results).
Adjusted Graduate Salary is a measure of how well students are doing in the job market some months after graduating based on graduate salaries, rates of unemployment and the proportion
of students who go onto further study.
Annual International Student Fees are an estimate only. It is highly recommended to engage directly with the Australian university for information on the cours e and fees applicable.
Further information is available at univeristyreviews.com.au
9
Times are changing. Many believe
Australians still aspire to one day own the Distribution of Tenure, Melbourne
• Flinders Street to Richmond corridor^
‘Great Australian Dream’ - a house % of private dwellings Potential urban renewal opportunities in
standing on a ‘quarter acre block’. existing precincts:
Although with our fast-paced lives, many • Forrest Hill precinct, South Yarra
are now opting for low maintenance living • Footscray precinct
with a high standard of amenity as more • Flemington-Newmarket precinct
people become accustomed to the level • Fishermans Bend Urban Renewal Area
of service delivered when travelling, and • Caulfield station precinct
living in, high-density global cities. • City North precinct
• Highett precinct
• East Richmond station-Cremorne
Dwelling Types precinct
Melbourne standalone houses (also • E-Gate precinct^
known as landed) do continue to be the • Arden-Macaulay precinct^
most dominant dwelling type, • East Werribee employment precinct^
representing 68% of all dwellings. This
trends lower than the national average of OWNED WITH MORTGAGE Potential urban expansion opportunities:
73% given the greater volume of higher OWNED OUTRIGHT
RENTED
• Donnybrook
density properties. While semi-detached, NOT STATED • Woodstock
OTHER
row or terrace houses and townhouses, • Wallan
with a compact backyard, comprised a • Beveridge
17% share. • Toolern
Almost 15% of dwellings are flats or Emerging employment cluster
apartments – compared to the national Growth precincts opportunities:
average of 13%. Melbourne’s ongoing
The Victorian government has identified • Sunshine
urban consolidation over the past
key locations across Melbourne (in no • East Werribee
decade, as well as, the changing demand
priority order) suitable for urban renewal • La Trobe
across the metropolitan area for public
parklands and shared facilities. with new homes and jobs.
^ denotes significant parcels of government held land.
Potential urban renewal opportunities
close to (and including) railway stations:
Ownership • Keon Park station
Prime properties
In Australia, most residential dwellings • Deer Park station Prime properties, are considered the top
are purchased as freehold property, that • Nunawading station 5% of the residential market by value,
is, the land and building are owned • Frankston station and located in the most prestigious
outright, in perpetuity, under the Torrens suburbs of Melbourne.
• Hughesdale station
Title system.
• Watsonia station
Toorak is considered the one most
• Ringwood station^
The same exists for Strata Title, although prestigious, and expensive suburb by
ownership allows individual ownership of
• Glen Waverley station^
value, according to the Real Estate
part of a property (or ‘lot'), combined with • Jewell station^ Institute of Victoria (REIV). This was
shared ownership in the remainder, or • Essendon station^ followed by Canterbury and Hawthorn.
common property, through a legal entity Brighton, the first Bayside suburb to
called the owners corporation (see further Potential urban renewal opportunities feature in the top ten was in fourth spot.
information on page 19). along railway corridors:
• Sunshine corridor The next ranked suburbs include Balwyn,
Across Melbourne, on the night of the • North Richmond to Victoria Park Caulfield North, Malvern, Camberwell,
Census 2016, 30% of residential private station corridor Surrey Hills and South Yarra.
properties being lived in were owned • Brunswick to Batman station corridor
outright, whilst 36% were owned with a • Oakleigh to Dandenong station corridor Several well-respected private schools in
mortgage. The remainder (30%) were • Tottenham corridor these suburbs attract many local and
being rented from a landlord. • Dynon corridor^ international families alike.
10FOCUS ON MELBOURNE Q2 2019 RESEARCH
The process of renting (also known as is held with the Residential Tenancies
leasing or letting) a residential property Board Authority (RTBA). At the
can vary in each state, but generally the termination of the tenancy agreement, if
main factors for a tenant are: the property is vacated and left in a
suitable condition, the bond will be repaid
in full to the tenant.
Tenancy Agreement
A tenancy agreement (property lease) is a
contract where one party conveys Utility & Service Charges
property to another for a specified period Responsibility for utility charges will be
of time, in return for a regular payment. stipulated within the tenancy
When leasing out a property, the owner agreement—this is not always covered by
receives an income, but there are the landlord. Although, the landlord must
maintenance costs and responsibilities pay for the actual installation and initial
for the landlord. Before signing a tenancy connection costs for electricity, gas, oil
agreement, a tenancy application must and water supply. If these need replacing,
be submitted to the real estate agency then the landlord must replace them to
(property manager) with proof of identity, the minimum efficiency standards.
ability to meet rental payments and good
references.
Inspections & Repairs
Throughout the tenancy, the property will
Rent be periodically inspected every six (6)
As stipulated in the tenancy agreement, months by the landlord or property
the tenant agrees to regularly pay rent to manager. A minimum of seven (7) days
the landlord. Most times this is notice will be given with the purpose of
conducted via a property manager and these inspections being to check the
rent must be paid monthly. Any future maintenance of the property. Repairs to
increases will be stated within the the property that are due to the normal
tenancy agreement as the landlord wear and tear of the property must be
cannot increase the rent until the end of paid for by the landlord.
the fixed term, unless otherwise stated. Repairs classified as ‘urgent’ must be
completed as soon as possible, while
‘non-urgent’ repairs must be taken care
Term
of before the 14 days of notification.
The length of a tenancy agreement can
vary, however the standard term is 12
months for the initial agreement although Furniture
alternate periods may be negotiable Generally, residential properties do not
dependant on the requirements of the come furnished, although this becomes
landlord and/or tenant. Once a tenancy more common for a rental property closer
agreement expires, the tenant can to the CBD. This will be clarified in the
request a new fixed term, or alternatively tenancy agreement.
the tenant can stay in the premises at the
same rent and conditions until advised. If
the tenant is on a month by month
Terminating the Tenancy
tenancy, rent can only be increased every A tenancy can be terminated at the
six (6) months. conclusion of the tenancy agreement.
However, both landlord and tenant can
request to end the tenancy for a variety of
Bond reasons. Certain conditions must be met
A bond is a lump sum payment paid before it can be terminated, including
upfront by the tenants as security before days of notice, number of notices and
moving into the property. This lump reason for termination.
sum—usually four (4) or six (6) weeks rent For further information, contact
dependant on the weekly rent amount— Consumer Affairs Victoria.
11The Process inspection to guarantee the quality of the made should the market slow over this
building and be aware of maintenance time. It’s wise for this type of investment,
The process to purchase a residential
required. especially with smaller and unknown
property can vary widely but the most
common steps are outlined below. For developers, that contracts are reviewed
Negotiate by private treaty the highest by legal representation and the ‘sunset
further information and clarity, consult
price willing to be paid for the property clause’ explained, which places a
with your legal representative.
with the vendors (via the selling agent) or deadline for the construction timeline.
alternatively bid at public auction. Should a development not proceed,
Finance Representation deposits will be returned, but could be at
Before starting the journey to purchase a Holding deposit is recommended for a the expense of missed interest and
residential property, carry out due private treaty until cooling off ends (say, capital gains through other investments.
diligence of the subject property and $1,000) until formal finance is approved;
surrounding area to ensure the price at this time the full deposit (say, 10%) is There can also be more tax depreciation
expectation can be achieved with the paid. If bid was accepted at auction, the available on new properties, meaning
allocated budget. full deposit is payable at this time (say, maximising benefits and improving after-
10%) with any cooling off period now tax cash flow for investment properties.
The lending environment has become void. The deposit is generally paid by
challenging in recent years, when seeking cheque or electronic transfer (private
a loan from a financial institution. Many treaty only).
General Costs
local banks will only lend if 20% of the
Contracts are signed and exchanged by When buying property in Australia, there
purchase price has been saved and there
both parties and it’s time the solicitor (or are both federal and state taxes and a
is good evidence the property loan can
conveyancer) finalises the formal range of fees that are implemented.
be repaid regularly with the property loan
based on market value. Shop around as paperwork with the lender. Loan
mortgages and deposits can vary documents are signed. Land Transfer Duty
significantly between providers. Transfer duty (also known as Stamp
Settlement occurs when the property
Duty) is levied by the state government
officially changes ownership, following
Legal Representation on the purchase of property.
one final inspection on the day and the
Engaging a solicitor or conveyancer prior locks are changed.
to purchasing the property is highly Legal Fees
recommended so they can review the Legal fees will vary between legal firms
contract before signing, and then stay
Buying Off-The-Plan
and may be dependent on property
engaged throughout the process until the In most cases, buying off-the-plan (OTP)
value. Generally fees range from $1,000
property settles (when the property is the commitment to buy a property
to $3,000 plus GST.
officially changes ownership). that’s not yet built.
An OTP property can be better priced Land Transfer Fee
Buying Established Property than established stock as developers are When a property changes ownership, a
Search for a property priced to match keen to secure sales in the project so document known as a Land Transfer is
requirements for location, proximity to lenders will provide funding and lodged and registered with the State
transport, work and education and the construction can commence. There is Revenue Office Victoria, and a fee is
quality, size and age of the dwelling. also the potential flexibility at this time to charged. It is this document that records
Staying abreast of comparable sales will make design changes to an apartment or the change of ownership. The cost to
assist in the negotiation process. house prior to turning sod. register the title varies in each state of
Australia. A solicitor or conveyancer will
Inspect the property at an open house or In most cases a deposit, typically 10%, is perform this task on your behalf.
by private appointment. Request a copy paid to the developer and the remaining
of the contract and have solicitor (or is paid on settlement of the property,
conveyancer) read over the document. allowing more time to save throughout Mortgage Application Fee
the construction period. Through this A fee charged by the state government
Gain pre-approval for loan from lender time, market forces may push market for the registration of a mortgage. A
and confirm qualification from FIRB if values up, at an advantage to the buyer, lender will perform this task on your
required. Arrange a pest and building at the same time consideration must be behalf.
12FOCUS ON MELBOURNE Q2 2019 RESEARCH
Both the Australian and state along with associated earnings, to assist
governments provide incentives for in purchasing their first home. The First Home Owner Grant Eligibility
Australian first home buyers. scheme allows Australians to make Criteria
voluntary contributions of up to $15,000 First Home Owner Grant (FHOG)
Incentives for in any one financial year, to a maximum
$30,000 across all years.
Victoria; including Melbourne
First Home Buyers Threshold (the property must valued less than)
This includes undeducted (non-
in Australia concessional) personal contributions, Buyer of new property $750,000
deducted (concessional) personal
First Home Super Scheme contributions and salary sacrifice
Conditions
The Australian Government, from 1 July contributions. These contributions, which Dwelling must be new, unless specified;
2017, has allowed individuals to make are taxed at 15%, along with deemed
voluntary concessional (before-tax) and Persons must be a minimum age of 18 years;
earnings, can then be withdrawn for a
non-concessional (after-tax) contributions deposit if the eligibility criteria is met. At least one applicant is a natural person;
into superannuation funds to fast-track
the time taken to purchase a new home Concessional contributions and earnings At least one applicant is an Australian permanent
under the First Home Super Scheme resident or citizen;
that are withdrawn will be taxed at
(FHSS). marginal rates less a 30% offset. The contract date must be on or after 1 July 2017;
Contributions made under this scheme
Since 1 July 2018, individuals can apply are not a new type of contribution. They No persons to have held an interest in any
to release these voluntary contributions, residential property in Australia prior to 1 July 2000;
are voluntary contributions made to your
superannuation fund. As a result, a
No persons to have held an interest in any
separate special account doesn't need to residential property in Australia on or after 1 July
First Home Super Scheme Eligibility be established nor does the fund need to 2000, for a continuous period of at least six months;
Criteria, Australia be notified.
First Home Super Scheme (FHSS) At least one applicant must intend to live in home as
For further information, contact the Principal Place of Residence for at least 12 months
Conditions within the first 12 months of settlement.
Australian Taxation Office.
First home buyer – never owned property in Australia
– this includes an investment property, vacant land,
commercial property, a lease of land in Australia or a
company title interest in land in Australia;
Incentives for First
Must live in the premises you are buying, or intend
Home Buyers in
to as soon as practicable; Victoria
Must intend to live in the property for at least
six months of the first 12 months you own it, after it
First Home Owner Grant Stamp Duty Concessions
is practical to move in; The First Home Owner Grant (FHOG) is Land Transfer Duty (stamp duty) is
currently available in Victoria. exempt for first home buyers in Victoria
Superannuation contributions can be from any age
but persons must be a minimum age of 18 years to
An eligibility criteria must be met before for property valued below $600,000.
request for funds to be released; the grant is issued.
A tapered discount will apply for property
Not previously requested the Commissioner to issue
a FHSS release authority;
purchases valued between $600,001 and
$750,000.
Eligibility is assessed on an individual basis—so First Home Owner Grant Available
multiple persons can access their own FHSS First Home Owner Grant (FHOG)
This Land Transfer Duty exemption
contributions to purchase the same property;
Victoria; including Melbourne applies to both new and established
If any persons have previously owned a home, it will dwellings from 1 July 2017.
not stop any other persons being eligible to apply; Grant
HomesVic has been established to assist
Don't sign contract to purchase or construct the One-off — in metropolitan area $10,000
home until money is released or there may be FHSS those eligible with saving for a deposit.
tax liability; this may take up to 25 days. One-off — in regional area $20,000
For further information, contact the
State Revenue Office Victoria.
13Current
regulations for
foreign investors
purchasing
residential • Must apply and gain approval from
the FIRB prior to purchasing
property in property in Australia.
• A temporary resident is a person
Melbourne • Applications are generally approved who is residing in Australia and
holds a temporary residency visa
if the property purchased adds to
the housing stock, including new which permits them to stay in
dwellings that are yet to be Australia for a continuous period of
occupied or sold, off-the-plan more than 12 months (regardless of
properties under construction or yet how long remains on the visa); or
to be built. This includes vacant has submitted an application for
land for residential development permanent residency and holds a
where ongoing construction begins bridging visa which permits them to
within 24 months. stay in Australia until that application
has been finalised.
• Non-permanent residents are
forbidden to purchase established • Are required to notify FIRB prior to
dwellings as investment properties purchasing property in Australia,
or as homes. Although there could including an established dwelling, a
be an exception if the established new dwelling that has been
dwelling is being redeveloped into purchased directly from the
multiple dwellings, and as a result, developer and has not been
For further information: there is an increase in the dwelling previously occupied for more than
count. Over the development 12 months in total and vacant land
period, the house must remain for residential development where
unoccupied. ongoing construction begins with 24
Foreign Investment Review months. Temporary residents are
Board [FIRB] • Foreign buyers can purchase an off not permitted to buy established
-the-plan dwelling, when another dwellings as investment properties.
firb.gov.au buyer has failed to reach
settlement—reverting to its previous • May acquire one established
status as a new dwelling. An dwelling only and it must be used as
apartment or house that has just their main residence (home) in
Department of Immigration been built, or is still under Australia. Such proposals normally
and Border Protection construction and for which the title meet with no foreign investment
has never changed hands, is not objections subject to conditions;
border.gov.au considered an established dwelling. such as, that the temporary resident
sells the property when it ceases to
be their main residence.
Non-Permanent Temporary Resident
Resident (Temporary
(Foreign Investor) Residency Visa)
14FOCUS ON MELBOURNE Q2 2019 RESEARCH
The Australian Government welcomes foreign investment into Australia’s residential property market. The current rules around foreign
investment in residential property aim to direct investment into new housing, increasing the housing supply and support local
economic activity.
• Acquiring second-hand dwellings for
the purpose of providing housing for
their Australian-based staff normally
meet with no objections subject to
the conditions set by FIRB. • Investment migrants under this
• Investment migrants under this scheme are required to invest at
• The company must sell the property scheme are required to invest at least AUD$15 million into complying
if it is expected to remain vacant for least AUD$5 million into complying investments in Australia for a
six months or more. In remote and investments in Australia for a minimum of 12 months before
rural locations foreign companies minimum of four years before becoming eligible for permanent
may rent out dwellings acquired becoming eligible for permanent residency; a more expeditious
under this category only where they residency. pathway than the SIV.
are unable to sell the property.
• The SIV scheme is intended to • The PIV scheme is aimed at
• Whether a company is eligible, and target the migration of high net- attracting applicants with business
the number of properties it may worth individuals to Australia with and entrepreneurial skills and capital
acquire under this category, will the longer-term aim of transferring to enhance investment into
depend upon the scope of the wealth of international businesses innovative Australian businesses
foreign company's operations and and individuals to benefit Australian and the commercialisation of
assets in Australia. businesses and the broader Australian ideas, research and
economy. development.
• Foreign companies would not be
eligible under this category where • The SIV scheme was introduced on • The PIV scheme was introduced on
the property would represent a 24 November 2012 and is operated 1 July 2015 and is operated by the
significant proportion of its by the Department of Immigration Department of Immigration and
Australian assets. and Border Protection. Border Protection.
Significant Investor Visa (SIV) Premium Investor Visa (PIV)
Foreign Company Investment Migrants
with Australian (High Net Worth Individuals)
Business
15Additional Costs for Fees payable by Foreign Investors,
Foreign Buyers Residential property
Based on Property Value, AUD
All foreign persons — that is, temporary
residents and non-residents — can apply $0 - $1,000,000 $5,600
to purchase vacant residential land for
development and newly constructed $1,000,001 - $1,999,999 $11,300
dwellings in Australia.
$2,000,000 - $2,999,999 $22,700
Non-resident foreign persons are $3,000,000 - $3,999,999 $34,000
generally prohibited from purchasing
$4,000,000 - $4,999,999 $45,400
established dwellings in Australia.
However, temporary residents can apply $5,000,000 - $5,999,999 $56,700
to purchase one established dwelling to
use as their residence while they live in $6,000,000 - $6,999,999 $68,100
Australia, although on the condition the
$7,000,000 - $7,999,999 $79,500
property is sold when it ceases to be
their principal place of residence. $8,000,000 - $8,999,999 $90,900
$9,000,000 - $9,999,999 $102,300
Once a property has been identified to
purchase, an application must be made $10,000,000 or more tiered per million
to the Australian Foreign Investment
Review Board (FIRB).
It is highly recommended that an
application is submitted prior to the
advance of any transaction—to ensure
complete legality of the purchase.
The FIRB provides an interactive fee
Additionally, approval from FIRB is
property-specific—one application per estimator.
property.
Duty Surcharge
When the application is submitted, the
The Victorian state government imposes
government investigates to ensure that
a duty surcharge for foreign investors,
the purchase of the property will be in the
payable in addition to general state-
country’s best interest.
based transfer duties.
A decision on the application is made
Since 1 July 2016, foreign purchasers are
within 30 days—unless complications or
required to pay an additional 7% of the
alterations occur, in which it may take up
sale price.
to 90 days.
Other states with foreign investor duties
Foreign Investor Application include New South Wales (7%) as of 1
July 2017, Queensland (7%) as of 1 July
Fee 2018 and Western Australia (7%) as of 1
All foreign investors must pay a fee January 2019.
before their foreign investment
application will be processed.
Foreign investors are required to pay Duties payable by Foreign Investors,
$5,600 to purchase a new property if Residential property
valued under $1 million, with additional Based on Property Value, AUD, Payable in
addition to general state-based transfer duties
fees payable per million in the value of
the property. Victoria; including Melbourne
Duty Surcharge on Purchase Price;
This fee does not provide any assurance 7%
from 1 July 2016
of securing the property and strict
penalties are applied for those who
breach the rules.
16FOCUS ON MELBOURNE Q2 2019 RESEARCH
Estimated Property Purchase Costs, Melbourne
All costs represented in AUD, As at 1 April 2019
Purchase Price 350,000 500,000 750,000 1,000,000 1,250,000 1,500,000
Land Transfer Duty 13,870 21,970 40,070 55,000 82,500 82,500
Land Transfer Fee 910 1,260 1,850 2,430 3,600 3,600
Legal Fee (includes GST payable) 1,500 1,500 1,500 2,000 2,000 2,000
Mortgage Application Fee 110 110 110 110 110 110
General: Estimated Total Costs 16,390 28,840 43,530 59,540 73,880 88,210
Foreign Investor Application Fee* 5,600 5,600 5,600 5,600 11,300 11,300
Foreign Investor Duty Surcharge @7% 24,500 35,000 52,500 70,000 87,500 105,000
Foreign Investor: Estimated Total Costs 46,490 65,440 101,630 135,140 172,680 204,510
Estimated Property Purchase Costs, Melbourne
All costs represented in AUD, As at 1 April 2019
Purchase Price 1,750,000 2,000,000 2,250,000 2,500,000 5,000,000 7,500,000
Land Transfer Duty 96,250 110,000 123,750 137,500 275,000 412,500
Land Transfer Fee 3,600 3,600 3,600 3,600 3,600 3,600
Legal Fee (includes GST payable) 3,000 3,000 3,000 3,000 3,000 3,000
Mortgage Application Fee 110 110 110 110 110 110
General: Estimated Total Costs 102,960 116,710 130,460 144,210 281,710 419,210
Foreign Investor Application Fee* 11,300 22,700 22,700 22,700 56,700 79,500
Foreign Investor Duty Surcharge @7% 122,500 140,000 157,500 175,000 350,000 525,000
Foreign Investor: Estimated Total Costs 236,760 279,410 310,660 341,910 688,410 1,023,710
1718
FOCUS ON MELBOURNE Q2 2019 RESEARCH
WHAT IS THE
General Costs natural person, corporation or trust) in the ROLE OF AN
land tax year (at 31 December of the
Land Tax OWNERS
preceding year). The absentee owner
Land tax is an annual state tax that is surcharge for the 2018 land tax year is CORPORATION?
calculated based on the aggregated 1.5% of the unimproved capital land
taxable value of all land owned (or jointly value, in addition to, the general land The rights and responsibilities of
owned) by an individual. Land Tax is not tax payable. both the owners corporation and
applied if the property is your principal its members is different in each
residence. Vacant Residential Property state but generally comprise:
Tax
The Vacant Residential Property Tax • Maintain and repair the common
Council Rates (VRPT) is levied for owners of properties property of the strata scheme;
This varies across states and local that remain vacant for more than a total
government areas. This is the tax the of six months in a calendar year. From 1 • Manage the finances of the
council charges owners for the services strata scheme;
January 2018, the levy applies annually at
to the property—generally paid quarterly a rate of 1% of the property’s capital • Maintain required insurances
or annually. improved value to dwellings in the inner including public liability and
and middle suburbs of Melbourne. There building insurance where
are specific exemptions, such as holiday applicable;
Income Tax
homes, deceased estates and temporary
Income tax is payable on gross rental medical absence from home. • Keep records of all details of
income, less any allowable deductions notices given under the relevant
incurred in earning that income. As there state strata management
legislation;
are a number of potential allowable
Additional Costs as
deductions, it is recommended that an • A strata register must be
Australian Tax advisor is consulted. a Landlord established and maintained,
detailing the owner’s name or
Property Management Fees agent’s name and address for
Owners Corporation each lot within the strata
Letting Fees are usually equivalent to two scheme;
If the purchased property is Strata Titled
(2) weeks rent paid to the agent as a fee
(a building with common areas and
for finding and securing a tenant. • Administration of any by-laws for
facilities for the use of all occupants of
Management Fees cover any costs the strata scheme;
the building), an owners corporation will
associated with managing the property
be established for the building.
and range from 7% to 8.5% plus GST. • To provide a grievance register.
A regular fee must be paid to the Owners
Corporation to maintain these common Utility and Service Charges
areas. This can include elevators, foyers, The owner must pay for the use of
swimming pools and spa, gymnasiums, utilities (electricity, gas, oil and water
plants and foliage, lighting, staircases, supply). Although if the owner leases the
fences, visitor car parks and security. property to a tenant, some of these can
be passed on but this must be stipulated
A group of elected people manage the within the tenancy agreement. However,
Additional Costs for
operations and decision-making of the
common area of the property.
the owner must pay for the actual Foreign Owners
installation and initial connection costs.
In most states, the owners corporation Foreign-Owned Vacant
comprises of an executive committee
(generally individual owners of the Landlord Insurance Residential Property Levy
apartments) who make decisions on the Landlord insurance is designed The Australian government charges an
behalf of their owners. specifically to cover rental properties. annual levy for foreign-owned vacant
Depending on the insurance provider, it residential property (ghost tax). The levy
Land Tax Absentee Owner protects the home from damage, theft, is equivalent to the FIRB application fee
Surcharge severe weather or rent default in some imposed at the time the property was
The Victorian government places a cases. To decrease risk, landlord purchased if they fail to occupy or lease
surcharge for an absentee owner (a insurance is highly recommended. for at least six (6) months of the year.
19There are costs and taxes to consider
when selling residential property in Additional Costs for
Australia.
Foreign Owners
General Costs Capital Gains Tax Clearance
Legal Fees Certificate
Foreign and temporary tax residents are
Legal fees include, but are not limited to,
no longer entitled to access the CGT
the costs for preparing a contract for
main residence exemption from 7.30PM
sale. The solicitor or conveyancer fee
(AEST) on 9 May 2017.
could be dependent on value of property,
and may vary between state and territory
Although, existing properties held prior to
as well as the particular solicitor chosen.
this date will be grandfathered until 30
The cost may range between $2,000 and
June 2019.
$4,000, plus GST.
A CGT withholding rate for foreign
Real Estate Agent Fees investors is applicable for all contracts
An agent fee is the commission paid by with a market value over $750,000 when
the owner, to the agent, for selling the signed on or after the 1st July 2017.
property—either tiered rate or a fixed
rate. Do ensure you understand the This requires 12.5% of the purchase
breakdown of the fee structure as price to be withheld by the purchaser and
commissions will vary between states, remitted to the Australian Taxation Office
and price point. Fees often range (ATO) unless a clearance certificate has
between 2% and 3% of the value of the been provided by the vendor. The money
property sold. withheld is a portion (not in addition to)
from the agreed sale price.
Marketing Costs If a purchase price negotiated between a
When an agent is selected to sell the purchaser and vendor is on an ‘arm’s
property, the fee breakdown will often length basis’, then the purchase price
DOWNSIZER stipulate the budget associated to the may be used as a proxy for market value.
INCENTIVE marketing and advertising of the
property. Additionally, there may be a The ATO can only grant a clearance
Downsizers (aged 65+ years) period allocated to marketing with certificate to a vendor who is considered
can make a non-concessional
multiple open house inspections over to be an Australian resident.
(after-tax) contribution into their
Superannuation account of up several weeks. Budgets for marketing,
to $300,000 from the sale of media, as well as length of advertising Do note a residency status for tax
their family home. should all be discussed with the agent to purposes is not necessarily the same as
ensure maximum advertising potential. that for immigration purposes; or for the
Introduced from 1 July 2018, FIRB. It is recommended to seek
the legislation states the
professional legal advice to further clarify
property sold must be the Capital Gains Tax the residency definition for this
person’s home (main residence
Capital gains tax (CGT) is a federal tax legislation.
and be eligible for the main
residence exemption for capital levied on the gain or loss upon the sale of
gains tax) and held for at least an investment property. The foreign resident CGT regime for
the past 10 years. withholding tax applies to taxable
The tax is implemented on the difference Australian property including vacant land,
This will increase their tax-free between the cost of acquiring the buildings, residential and commercial
fund limits. Couples will be able property, and the value when sold. The
to contribute up to $300,000 property, leaseholds and strata title
difference is then added to the income schemes.
each, giving a total contribution
per couple of up to $600,000. tax for the individual or company for that
financial year, and taxed accordingly with For further information, contact the
those rates. Australian Taxation Office.
20FOCUS ON MELBOURNE Q2 2019 RESEARCH
In recent years, the federal and state governments have introduced foreign investor fees, tax surcharges and levies. Below is a
summary of the current process for foreign buyers when purchasing, owning and selling Australian residential property.
The Process for Foreign Buyers when Purchasing, Owning and Selling Residential Property, Melbourne
As at 1 April 2019
BUYING
Check if the Applies to all
Property-specific;
Must be made Developer has a Australian
APPLY TO FIRB one application
prior to purchase Exemption residential
per property
Certificate properties
+ PAY FIRB Above If within several
APPLICATION Below = $11,300 + fees Contact ATO if categories the
FEE based on = $5,600 are tiered per over $10M highest fee
AU$1M value million applies
Decision is Must be in the Approval or fee
AWAIT FIRB Strict penalties
normally made best interest of does not secure
APPROVAL occur if in breach
within 30 days Australia sale
TRANSFER DUTY Vic
SURCHARGE (incl. Melbourne)
on market value = 7%
OWNING
AUSTRALIA > Equivalent to
not genuinely on
VACANT Applicable if application fee
Annual levy rental market for
RESIDENTIAL vacant or paid at time of
6 months of year
PROPERTY purchase
Vacant
Vic >
Absentee Owner Residential
surcharge on
= 1.5% Property Tax
taxable value
= 1%
SELLING
A clearance Clearance
CAPITAL GAINS TAX 12.5% of the Applicable to all
certificate must certificates
(CGT) on market purchase price contracts over
be provided by granted to Aus.
value withheld $750,000
the vendor residents
21Melbourne is fast-growing as the technology capital of Australia. The City of
Melbourne has designed a Startup Action Plan to create more jobs, innovation and
productivity for start-ups and entrepreneurs to ‘start, grow and go global’ by
removing any barriers to launch. According to the Global Financial Centres Index
compiled by think-tank Z/Yen, Melbourne ranked 15th on the index of global
financial centres in 2019. Melbourne scored 729, up by 30 points on the previous
TECH CAPITAL
year, and gaining pace on Sydney in position 11 with 736 points.
OF AUSTRALIA.
Victoria has resulted with the strongest rate of economic growth (GSP) in Australia
over the past five years, averaging 3.3% annual growth, with 3.5% recorded the year
ending June 2018. This trended above the national annual average of 3.1%. The
unemployment rate for Greater Melbourne averaged 5.9% over the past five years,
to record 5.0% in March 2019.
ROBUST ECONOMIC
OUTLOOK.
The Victorian Government has committed to investing $10.1b per year over the next
four years on infrastructure projects. Major transport projects to receive funding
include, North East Link—the missing link in Melbourne’s freeway network, stage
two of the Monash Freeway upgrade, Mordialloc Bypass, Sunbury to
Cranbourne-Pakenham Rail Corridor and suburban roads upgrade.
GOVERNMENT
INVESTMENT.
International departure capacity at Melbourne Airport expanded by 45.1% between
2012 and 2017 as reported by OAG Schedules Analyser. The increase has been
driven by the airport adding more than 2 million international departure seats over
this time. The top two Melbourne to China two-way routes by capacity, in 2017, was
with Guangzhou and Shanghai. Each year since 2012, Tourism Australia has
RISE IN INTERNATIONAL calculated international visitors to Melbourne has grown on average 9.5%.
VISITORS.
The number of international students enrolled to study in Victorian education
facilities rose 10.8% in the year ending December 2018, according to the
Department of Education and Training. Higher education facilities saw growth of
15.9%, while school-aged international students grew 7.7%. The SSVF has made
GROWTH IN the process of applying for a student visa in Australia easier to navigate for both
INTERNATIONAL students and guardians.
STUDENTS.
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