The strength of Maribyrnong’s property market is being fuelled by an unprecedented demand for Melbourne key location apartments, as young professionals are attracted to locations that are rich in amenity, accessibility and liveability.
Over the past five years, there has been an increased propensity to live in apartments and this trend is expected to continue. The average number of persons per household is expected to decrease from 2.4 to 2.3 between 2013 and 2031*, indicating a higher demand for apartment living. Despite this demand, few apartment properties are available in Maribyrnong and as a result the rental market is at an all-time high.
Maribyrnong residents are characterised as being relatively younger, earning higher incomes and working in professional occupations. This age bracket forms the largest component of the rental market and is one of the primary consumers of medium to high-density dwellings in Melbourne.
The other key factors driving the property growth in Maribyrnong is Melbourne’s population, which is growing faster than any other Australian city. By 2031, it’s forecasted that the population of Maribyrnong will nearly double what it is now. This indicates a stronger demand over time and places upward pressure on prices, leading to sustained capital growth.