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Why is Southbank the next hotspot in Melbourne?

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Southbank, Melbourne

Southbank is an inner-city of Melbourne, Victoria, which is just 1 km away from Melbourne CBD. It is one of the primary business centres and entertainment hubs in Greater Melbourne!

Before we dive into the 6 main reasons why Southbank, Australia is so attractive to foreign investors, let's take a look into its history.

Take a look into Southbank's History

Southbank used to be an industrial area in the '80s, but it has been rapidly transforming into a high rise neighbourhood since the '90s and is a precinct for business, entertainment, art and tourism destinations.

It has been increasingly popular for central Australian and international head offices, such as; PwC, FKA, News Corp, IBM, Visy and many more.

It is also one of Melbourne's most densely populated areas and is anticipated to grow around 5.5% per annum, to reach over 46,000 residents by 2031.


Why is Southbank, Australia so attractive to foreign investors?

Southbank, Melbourne

1. New infrastructure upgrade

With the urban regeneration plan initiated by the Victoria government,  $47 million will be spent to upgrade the Southbank Boulevard, including 5,000m of new public spaces, 1.1km of bike paths, a new Civic Square and a green link from the Royal Botanic Garden to Yarra River.

 

2. Easily accessible through public transportation

Location wise, it’s easily accessible through public transportation, with transport links including the existing Flinders St. Station and Melbourne Metro (under construction), nine tram routes, nearby bus routes at St Kilda Road and Queens Bridge, and convenient Taxi and Uber access. An airport train link will be operating by 2026 as well.

 

3. Strategic Location

From Southbank Promenade, you can walk to Melbourne CBD too! Southbank Promenade on the southern bank of the Yarra River, extending to Crown Casino, is one of Melbourne's premier entertainment precincts with many hotels, restaurants, cafes and bars, attracting more than 18 million visitors each year.

 

4. A variety of Entertainment nearby

Furthermore, Crown Melbourne is home to luxurious branded boutiques, including Prada, Louis Vuitton & Hugo Boss. The magnificent city views make it a popular place for locals and visitors to shop, dine, drink, stroll and party.

Besides, South Wharf, where DFO shopping and the Melbourne Convention & Exhibition Centre are located, attracts thousands of visitors and exhibitors all year long. Along the South Wharf Promenade, there are many bars, restaurants and cafes too.

Crown Casino on Melbourne's Southbank

Crown Casino on Southbank, Melbourne.

5. Stunning City Views & Experience

If you want to enjoy a spectacular panorama view of Melbourne City from the highest viewing platform, Eureka Skydeck88 is a must-visit. Or you can discover the beautiful sights of Melbourne from Yarra River by taking a river cruise sightseeing tour, sunset cruise or enjoy a truly unique experience of a wine and dine in a cruising restaurant.

 

6. Art & Cultural Hub

Southbank is also home to the Melbourne Arts Precinct, one of the highest concentrations of arts and cultural organisations anywhere in the world, surrounded by many galleries, studios, theatres and arts education institutions. Places such as The National Gallery of Victoria(NGV),  Melbourne Art Centre - Australia’s largest and busiest performance art centre with a complex of theatres and concert halls hosts more than 6 million visitors per year.

The National Gallery of Victoria in Melbourne, Australia

The National Gallery of Victoria in Melbourne, Australia.

In fact, Victoria Government had set aside $1.56 billion for the Arts Precinct Redevelopment plan and the projected potential growth of cultural tourism in Melbourne will be increased to 40% by 2025. It is also the home of Melbourne University’s arts campus which is currently undergoing a major $200 million redevelopment project. Hence, it will attract a lot of international students as well.

Isn’t it a great place to live, work and play? Do contact us should you think of investing in Southbank, Australia!

 

This article was written by Mandy Chen. Click on her profile to get her expert advice on overseas real estate!


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