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Public transport mode share in Melbourne is around a mere 10%, while many regional Victorian towns are lower. In the late 2000s, private housing prices in Australia, relative to average incomes, were among the highest in the world, prompting speculation that the country was experiencing a real estate bubble similar to many other countries. [1]
The property prices are soaring in major cities like Sydney, Melbourne, Adelaide, Perth, Brisbane and Hobart. [3] The median house price in Sydney peaked at $780,000 in 2016. [ 4 ] However, with stricter credit policy and reduced interest from foreign investors in residential property, prices have started falling in all the major cities.
In Melbourne, for instance, one early observer noted that "a poor house stands side by side with a good house." [ 2 ] There are significant regional differences in rates of homeownership around Australia, reflecting average age differences (e.g., older age people tend to own houses more than younger people), as well as socio-economic differences.
Cromwell Property Group is a commercial real estate investment and management company with operations in Australia, New Zealand and Europe. The Group is in the ASX 200 list.
In January 2017, REA Group acquired 14.7% of digital real estate marketing platform, Elara Technologies (Elara). [12] In June 2018, the company acquired 100% of Hometrack Australia, [13] a provider of property data services to the financial sector. In 2020, the company earned A$820.3 million in FY20 revenue. [14]
A real-estate bubble is a form of economic bubble normally characterised by a rapid increase in market prices of real property until they reach unsustainable levels relative to incomes and rents, and then decline. Australian house prices rose strongly relative to incomes and rents during the late 1990s and early 2000s; however, from 2003 to ...
Satellite view of the Greater Melbourne area, showing Port Phillip Bay opening to the Bass Strait and surrounding plains of the city limits. Greater Melbourne at night from the International Space Station Aerial view of the city and inner-city surrounds, with the Yarra River traversing through the city centre (the cluster of buildings on the far right) Map of the urban areas of Melbourne and ...
The area of Melbourne has been home to Aboriginal Victorians for over 40,000 years and serves as an important meeting place for local Kulin nation clans. [13] [14] Of the five peoples of the Kulin nation, the traditional custodians of the land encompassing Melbourne are the Boonwurrung, Woiwurrung and the Wurundjeri peoples.
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