For those unfamiliar with Melbourne, the Melbourne Central Business District (CBD) stands as the vibrant heart of the city—an incessantly bustling locale where people converge. This dynamic area not only hosts some of Melbourne’s premier educational institutions, such as the University of Melbourne and RMIT University, but also serves as a hub for numerous offices, establishing itself as a prominent business district.
The Melbourne CBD boasts a lively atmosphere, complemented by an array of shopping precincts, recreational activities, and attractions, ensuring a perpetual sense of engagement. Whether you are a student, a professional working in the CBD, or simply looking to embrace Melbourne’s cosmopolitan ambiance, residing in the inner-city suburbs may be a compelling option.
Comparatively, the inner-city suburbs offer a more livable environment than the CBD, providing a harmonious blend of suburban tranquility and urban convenience. Simultaneously, these suburbs allure property investors, driven by the escalating demand from potential renters. Consequently, inner-city suburb properties have garnered increasing popularity among discerning property buyers.
Here are our top 5 inner-city suburbs we recommend for homebuyers and property investors:
- Carlton
Source: domain.com.au
Carlton stands out as a vibrant and multicultural suburb, serving as Melbourne’s epic centre for Italian culture and situated a mere 2 kilometers from the CBD. Renowned for its diverse range of cafes and restaurants, Carlton offers a unique blend of lively activity and tranquil living.
One of the key advantages of residing in Carlton is its proximity to the CBD. Located just a few tram-stops away, residents can easily access the bustling city centre and Melbourne Central Station, ensuring convenient connectivity to public transport and urban amenities.
Moreover, Carlton enjoys close proximity to iconic landmarks, such as Queen Victoria Market and the University of Melbourne, both of which are within walking distance. This strategic location not only enhances the overall appeal of Carlton but also contributes to a rich and immersive living experience for its residents.
- Population: 18,536
- Average Age: 20 to 39
- House Median Price: $1,485,000 | House Median Rental Price: $770/week
- Unit Median Price: $385,000 | Unit Median Rental Price: $500/week
- Docklands
Source: wikipedia
Docklands stands as one of Melbourne’s premier waterfront locales, seamlessly blending historical charm with modernity through its captivating harbour, which connects to the CBD within a mere 1-kilometer distance. Renowned for its status as a dynamic shopping and entertainment precinct, Docklands is home to the iconic Crown casino and a sophisticated shopping mall, adding a touch of glamour to the area.
Contrary to perceptions, Docklands offers a highly liveable environment. The residential landscape is characterised by contemporary, high-end buildings that not only exude modernity but also provide breathtaking views of the harbour and the cityscape. The combination of upscale living spaces and the proximity to CBD amenities positions Docklands as a desirable residential choice for those seeking a harmonious blend of luxury and accessibility in Melbourne.
- Population: 10,962
- Average Age: 20 to 39
- House Median Price: – | House Median Rental Price: –
- Unit Median Price: $620,000 | Unit Median Rental Price: $630/week
- South Melbourne
Source: domain.com.au
South Melbourne stands as a continuously evolving and dynamic suburb, strategically positioned a mere 3 kilometers from the bustling CBD. The seamless connectivity to the CBD is facilitated by a convenient short tram ride, offering residents swift and efficient access to the heart of Melbourne.
Distinguished by its historical charm and vibrancy, South Melbourne boasts prominent landmarks such as the South Melbourne Market and Albert Park, contributing to the suburb’s lively atmosphere. Additionally, South Melbourne is renowned for hosting a myriad of famous eateries that enhance the culinary appeal of this historical enclave.
One notable advantage of residing in South Melbourne is the spaciousness of its residential units compared to those in the CBD. This, coupled with the more valuable property prices, positions South Melbourne as an attractive option for those seeking a balance between proximity to the city and the allure of larger living spaces within a historical and thriving community.
- Population: 10,928
- Average Age: 20 to 39
- House Median Price: $1,300,000 | House Median Rental Price: $750/week
- Unit Median Price: $586,000 | Unit Median Rental Price: $550/week
- North Melbourne
Source: wikipedia
North Melbourne, a welcoming neighbourhood located a mere 3 kilometers from the CBD, offers residents a delightful blend of suburban tranquility and urban conveniences. The proximity to the CBD ensures easy access to a myriad of attractions, making it an ideal residential choice.
Within North Melbourne, the charm of Errol Street unfolds with its array of spectacular restaurants, complemented by outstanding cafes and pubs that contribute to the local culinary scene. Residents also enjoy the proximity to iconic landmarks, including the renowned Queen Victoria Market and the serene greenery of parks such as the Royal Park.
Living in North Melbourne provides a unique experience, characterised by a suburban calm infused with a strong sense of community. This atmosphere is further enriched by an eclectic mix of cosmopolitan elements, creating a dynamic and inclusive environment for residents to enjoy.
- Population: 14,940
- Average Age: 20 to 39
- House Median Price: $1,300,000 | House Median Rental Price: $660/week
- Unit Median Price: $525,000 | Unit Median Rental Price: $500/week
- South Yarra
Source: wikipedia
Contrary to the perception of South Yarra as an expensive suburb, it stands as an accessible and vibrant neighbourhood that defies this stereotype. Recognised as a fashion and commercial hub, South Yarra offers a friendly atmosphere that makes it an appealing residential choice beyond just its proximity to the CBD.
Conveniently located a mere 2 train stops away from the CBD and Flinders Station, with tram services providing an additional efficient commuting option, South Yarra ensures easy access to the city for its residents. What further distinguishes South Yarra as a residential gem is its affordability, with the median price of a one-bedroom unit standing at $365,000. This price point not only compares favourably to CBD apartments but also promises a more spacious and tranquil living experience, debunking the notion that South Yarra is exclusively an upscale enclave.
- Population: 25,138
- Average Age: 20 to 39
- House Median Price: $2,160,000 | House Median Rental Price: $875/week
- Unit Median Price: $590,000 | Unit Median Rental Price: $530/week
Source: realestate.com.au, domain.com.au