Market Update
International tourism to Victoria (predominantly Melbourne) is forecast to grow by over 7% pa between 2026-2030 (Oxford Economics). This helps underpin Melbourne’s investment in its hotel sector, the largest in the country, its infrastructure investment, with the metro tunnel just opening this year, and of course the revitalising of retail. On this topic it justifies the investment put into Melbourne Walk and the Queen Victoria Market upgrades for example. It also vindicates the global brands that choose Melbourne for their flagship shops. To put it bluntly, this is what makes Melbourne the place to be for retail going forward.
Melbourne retail bounces back. Dr. Tony McGough Partner, Head of Research & Consulting, Victoria
Melbourne resilience set to power growth There has been much discussion about the change in the narrative with the RBA having recently increased interest rates. However, this is more of a sign of Australia’s resilience and enduring strong performance, with unemployment stabilising at long term lows and the economy overall remaining on a growth trajectory. Nowhere is this more obvious than in Melbourne. The city is expected to continue its ongoing recovery following the disruption caused by Covid and the world slowdown that followed. Having moved back into growth last year private consumption growth is expected to continue to accelerate in 2026 (up 2.5%) and 2027 (up 3.2%) before stabilising above 3% according to Oxford Economics. The Melbourne economy – diverse and versatile This is partly due to the underlying economy which includes Melbourne’s international appeal as a vacation venue. Whilst we have regularly highlighted all the forthcoming events (its Formula 1 season this month!), it is an important part of the strength of the Melbourne offer. Melbourne is a working capital with the country’s fastest growing CBD, however, it is also a party, fun location which attracts a lot of visitors.
“Melbourne is a working capital with the country’s fastest growing CBD, however, it is also a party, fun location which attracts a lot of visitors. “
March in Melbourne: Where the City Comes Alive
2
3
Made with FlippingBook Ebook Creator