Simon Pressley is one of Australia’s most respected property analysts with an unmatched track record of identifying top performing markets. Subscribe today to get his insights direct to your inbox.
The city of Melbourne celebrated its 180th birthday in 2015 with its third consecutive good growth year and 2016 looks like being another solid year for Melbourne’s property market. While Propertyology has been on public record stating that Melbourne has the potential to be amongst Australia’s best property market performers in 2016, it is not a market which we recommend that our clients invest in.
Greater-Melbourne has a strong, blue-collar, manufacturing sector which employs 197,705 people; this is 21.9% of Australia’s entire manufacturing sector. A further 84,600 Melbourne jobs are in Transport and Warehousing, and one would argue that these are heavily reliant on manufacturing.
Manufacturing is to Melbourne what coal is to Brisbane and iron ore is to Perth.
After decades of government-funded life support, in May 2013 Ford was the first to announce its factory closure from October 2016. Within less than twelve months, Holden and Toyota had also announced closures of their factories in 2017.