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REIV analysis of the Melbourne property market reveals that residents living in Melbourne’s central business district are more likely to live alone than not. Those choosing the inner city lifestyle also tend to be young professionals who live in high-rise apartments.

There were 3,990 flats, units and apartments in Melbourne’s CBD when the 2001 Census was conducted, the number rising to 6,621 in 2006. Not surprisingly demand for accommodation in the inner city has risen sharply. REIV rental vacancy rates for June show that the vacancy rate for residential properties within 4km of the Melbourne CBD is at a critical 1.1 per cent. The report highlights what many prospective tenants already know, that it is virtually impossible to find a home to rent in the inner city.

The number of people opting to live alone in the inner city has almost doubled between the 2001 and 2006 Census, with the total number of dwellings occupied by one person rising from 1,320 in 2001 to 2,101 in 2006. People living alone in Melbourne’s CBD out number families and shared households. Census data for 2006 shows families occupying 1,836 dwellings and shared households occupying 1,060 dwellings in the inner Melbourne.

A number of lifestyle factors contribute to making the inner city a more desirable place to live for singles including: proximity to restaurants and cafes; entertainment; employment; and rising fuel costs associated with using transport such as a car.

It is therefore important that residential development in the inner city takes note of the changing demographic and delivers the type of housing that is in high demand.

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