UBS: Vicinity & Scentre’s Future of Mixed-Use Opportunities
UBS financial analysts have found a mixed-use makeover of Vicinity Centres’ portfolio…
Inner City Living
Best known for its popular beach, St Kilda has lots of bars and restaurants, is home to the iconic Luna Park, and also hosts a great market along the Esplanade every Sunday. Residents tend to be a bit younger, and there are lots of English and Irish backpackers who have set up home here. Close to the city, right by the beach, late night parties, and Saturday morning farmer’s markets – St Kilda has it all. Average unit rental price is $400pw. Average house rental price is $599pw.
Richmond is a trendy little suburb a short walk from the CBD and iconic sporting venues such as the MCG, and Melbourne Park tennis centre. Bridge Rd is home to a lot of outlet stores, while Swan Street is better known for its food and drink lifestyle. The architecture is a unique blend of traditional terraces and edgy converted warehouses. More mature people who are looking for a cosy home in a cultural hub extremely close to the city will feel at home here. Average unit rental price is $430pw. Average house rental price is $650pw.
An eclectic mix of young ‘hipsters’ and older people who love the inner-city lifestyle, Brunswick is just north of the city. Bikes and trams are the transport method of choice here, and brunch is almost an institution. Brunswick is well-known for its café culture, as well as its art and live music scenes. Narrow streets and Victorian-style houses are common, while modern apartment blocks are popping up, giving the suburb a more modern feel. Average unit rental price is $390pw. Average house rental price is $550pw.
The northern corridor encompasses suburbs such as Ascot Vale, Essendon, Coburg, Thornbury, and Preston. It is well-serviced by trains and trams, and caters to a range of residents from students and young couples, right through to families.
Further out, you will find a range of communities including Wollert and Craigieburn. These suburbs mean you will have to travel further to work in the city, but the upside is that they provide a great environment for families, and a real community feel.
The western suburbs sometimes get a bad rap, but places such as Footscray, Yarraville, and Seddon are the real up-and-coming suburbs in Melbourne. Less than 10km from the city, with ample public transport options, these suburbs offer a wonderful multi-cultural vibe.
A little further out you will find the beachside towns of Williamstown and Altona, where the city views across the water are stunning. The west is also home to numerous residential communities at Point Cook, Tarneit, and Hoppers Crossing.
Home to the famous Brighton Beach bathing boxes, the Bayside region is a beautiful part of Melbourne. Combining beach-side fun with a boutique culture, the region is very well-established, and residents are largely families and older couples.
The region spans from Elwood, through Brighton, Hampton, Black Rock and Mordialloc. A great gateway area to the Mornington Peninsula and winery regions.
Life in the eastern suburbs is a relaxed, family affair. The region is home largely to mature couples and families, and serves as the perfect gateway to wineries and gourmet escapes.
Suburbs such as Doncaster and Blackburn have great access to the city, and shopping and dining, while places like Eltham, Lilydale, and Warrandyte have more of a country feel. The Eastern freeway provides great access from the outer suburbs to the city.
One of Melbourne’s largest growth corridors for the last 10+ years, the south-east is home to pretty much everyone! The outer south-east includes suburbs such as Pakenham, Clyde, Berwick and Narre Warren, where you don’t even feel like you live in the metro area.
They have all the facilities that you need, without the stress of the city. The inner south-east is a busy area, with suburbs such as Caulfield, Oakleigh, and Malvern. It’s also home to Chaddy (Chadstone Shopping Centre), the largest shopping centre in the southern hemisphere.
Half of Melbourne relocates to the Mornington Peninsula during summer, camping on the foreshore and filling up all the hotels. The beaches are beautiful; however, the Peninsula has something to offer no matter what time of year it is. With numerous wineries and cellar doors to choose from, there is something for everyone. Pick your own strawberries at Sunny Ridge Strawberry Farm, check out the Peninsula Hot Springs, or enjoy some fish and chips on the beach. Less than 90 minutes from the city, it’s an ideal day trip.
Geelong and Great
Geelong is about an hour south-west of Melbourne, and is a beautiful port city. It’s also the gateway to the Bellarine Peninsula (a popular summer holiday destination), and the Great Ocean Road. The Great Ocean Road is a 243km stretch of road from Torquay through to Allansford. The windy road is known for its beautiful scenery, with the 12 Apostles being one of the major tourist attractions.
Located south-east of Melbourne, Phillip Island is connected to the mainland by a concrete bridge. The island is best known for hosting the Moto Grand Prix, and is home to the Penguin Parade, where you can see hundreds of tiny fairy penguins returning to their burrows at dusk. Throw in some beautiful beaches, and you’ve got the perfect family day out.
Explore Melbourne’s laneways.
Did you know it’s possible to walk from one end of the CBD to the other by only using laneways and arcades, not the main streets? Try to search out the street art and hidden bars.
Doesn’t really matter what you like, we’ve got the MCG and Etihad Stadium for cricket or footy, the Australian Open tennis at Melbourne Park, the Formula 1 Australian Grand Prix, A-League soccer at AAMI stadium, not to mention the netball, basketball, and even an ice hockey stadium!
Go trackside at Flemington, Caulfield, or Moonee Valley.
Spring racing carnival is an exciting time in Melbourne!
Soak up the art and culture at Melbourne Museum or the National Gallery of Victoria.
Both venues often host international exhibits
Enjoy the great outdoors!
Cycle along the Yarra River, climb the thousand steps, run around Albert Park Lake – the options are endless
Melbourne’s food truck scene is one to be rivalled.
With numerous permanent food truck parks in the city and suburbs, as well as seasonal events such as the Night Noodle Market and Royal Croquet Club, you will never be short of options!
Have a drink (or three)
Have a drink (or three) at one of the city’s rooftop bars, or riverside bars, or hidden laneway bars…you see where I’m going with this…
Enjoy some retail therapy.
From the high-end Collins Street retailers, right through to our three DFO outlet centres, there is something for everyone. In the city, you can choose from Bourke Street Mall, Emporium, or Melbourne Central, and there are several big shopping centres in the suburbs
Melbourne has a huge variety of open spaces for you to enjoy – Royal Botanic Gardens, Carlton Gardens, Fitzroy Gardens, Docklands, Princes Park, Catani Gardens. Pack a picnic and frisbee, and make a day of it!
Grab a coffee!
Melbourne is well-known for its coffee snobbery, and for good reason. Stay away from the chain stores, and seek out the independent places. Degraves Street is a good place to start for your morning coffee and breaky
According to the Real Estate Institute of Victoria, the median rental prices for the year ending September 2016 are:
Inner suburbs – $500
Middle suburbs – $351
Outer suburbs – $315
Inner suburbs – $450
Middle suburbs – $370
Outer suburbs – $320
Check out https://www.realestate.com.au/neighbourhoods/ to research rental prices in various suburbs.