Posted by BBC Sport on Monday, January 12, 2019 08:18:18With the median household income in Melbourne up 4 per cent to $92,300 in the past year, many locals may be tempted to think they’re saving for their next big move.
However, the average cost of a home in the city is now more than double the national average, and the cost of renting in the suburbs has jumped by more than 40 per cent.
While many people are living on their parents’ couch or in one-bedroom apartments, there are some areas of Melbourne where the cost is far more affordable.
Here are the key facts about Melbourne.
Most of Melbourne’s new homes are in the inner city 2.
The median price for a property in the suburb is up more than 50 per cent over the past five years 3.
Most homes are priced at more than $1 million 4.
Home prices in Melbourne are currently higher than those in most of Sydney and Brisbane 5.
Melbourne is now home to the world’s largest number of millionaires 6.
The cost of living in Melbourne is the highest in the nation and more than five times higher than in Sydney and Sydney-Brisbane 7.
Melbourne has one of the most expensive car ownership rates in Australia 8.
The average household income per capita in Melbourne has more than doubled in the last five years.
The region’s median income has also grown from $40,000 in 2010 to $68,000 today.
The metro area has seen an influx of international companies, with more than 400 of them relocating here.
What to know about the economy in Melbourne: 1.
There are now more jobs than in the previous five years, and almost 50 per week more people are employed than were employed in 2010 2.
Australia’s GDP growth has been faster than any other major economy in the world over the last decade, thanks to the economic boom in China 3.
Melbourne was named the most “sustainable” metropolitan area in the OECD in 2016, a ranking which sees it ranked second to only Auckland in New Zealand 4.
Despite the city’s popularity as a destination, there is still a shortage of housing, and housing prices in the region are up more that 30 per cent in the year to March 2018.
In Melbourne’s inner-city, there have been more than 500 reported incidents of crime, and it has the third highest number of violent offences in Australia.
What do you think?
Are you living in a Melbourne suburb that is cheaper than your local suburb?
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