Melbourne Arts Precinct $1.7B Upgrade – Must Watch!
11-Nov-2024
Why Melbourne? The Unseen Value in a City Undergoing Transformation
The Victorian government has announced a project to develop a massive urban garden in Melbourne's arts precinct, described as a "game changer", the city's Southbank area's new era of connectivity, culture, and environmental integration.
This initiative is part of a broader $1.7 billion transformation plan aimed at revitalizing Melbourne's cultural landscape.
The garden will cover approximately 18,000 square meters, equivalent to the size of the Melbourne Cricket Ground (MCG) — a remarkable feat in urban greening. It is designed to include biodiverse planting, public art installations, and spaces for relaxation and community gatherings.
The Melbourne Arts Precinct Broader Transformation Plans: More Than Just a Place – It's a Vision for the Future
This project is expected to enhance Melbourne's reputation as a global cultural hub by providing new outdoor spaces for art exhibitions and performances.
The centerpiece of this development is the garden, named "Laak Boorndap" (translated as "People's Place"), which emphasizes the cultural heritage of the Wurundjeri Woi Wurrung people , ensuring that their stories and connections to the land are integrated into the design and programming of the space.
"Laak Boorndap" is a 9,000-square-meter elevated garden that links iconic venues, from The Fox: NGV Contemporary to the Arts Centre Melbourne, fostering greater accessibility and interaction within the precinct.
For investors, Laak Boorndap is more than an urban garden; it’s a bold, visionary move to integrate nature, art, and city life. Think of New York’s High Line but with an Australian twist, incorporating native flora and indigenous artworks.
This garden isn’t just greenery; it’s a sign of Melbourne’s commitment to sustainability and a focal point for future tourism.
You’re buying into...
- a lifestyle,
- a future with high rental yields,
- educational opportunities,
- migration prospects, and
- even retirement potential.
Why This Matters to You as an Investor
Melbourne's property market, unlike some of Australia’s other major cities, has historically maintained a more balanced price-to-rent ratio, and property demand in areas near cultural and infrastructural projects shows long-term appreciation.
Melbourne's Southbank and Arts Precinct areas are currently in the midst of a price correction. This is a window for investors to secure property at a reduced price in a location poised for massive appreciation. The market will stabilize, and when it does, the value of properties around such cultural and green spaces will undoubtedly rise. Investors who wait too long may miss out on today’s prices.
By 2025, the new pedestrian pathways, gardens, and cultural spaces will open, changing how people experience Melbourne. This transformation means an enhanced quality of life for residents, a huge pull for tourists, and a magnet for renters who want to live close to work, entertainment, and beauty. This also means a high occupancy rate and premium rental pricing potential for properties in and around the precinct.
Imagine the appeal of this area to expats, artists, entrepreneurs, and young families alike. Melbourne’s Arts Precinct will be where people want to live, work, and play — and the value of property here will follow suit.
What are the Projects Near the Melbourne Arts Precinct?
| Project Name | Developer | Location | Expected Completion | Number of Levels | Development Size (Properties) | Distance to Arts Precinct | Details |
| Australia 108 | World Class Global | 70 Southbank Boulevard, Southbank VIC | Completed (2020) | 100 | 1,105 | ~1 km | One of Melbourne's tallest residential buildings, offering spectacular views and luxury living close to the cultural heart of the city. |
| STH BNK By Beulah | Beulah | 60 Southbank Boulevard, Southbank VIC | 2028 | 93 | 734 | ~1 km | Set to be a landmark development with extensive amenities and architectural innovation, this project will enhance the vibrancy of the Arts Precinct upon completion. |
| Aspire Melbourne | ICD Property | 299 King Street, Melbourne VIC | L1-8 completed | 64 | 570 | ~1.5 km | This development focuses on modern urban living with a variety of apartment sizes. |
| Premier Tower | Fragrance Group | 134-160 Spencer Street, Melbourne VIC | Completed | 76 | 796 | ~1.5 km | Completed recently, this tower features luxury apartments and is well-connected to public transport and local amenities. |
| R.Iconic Melbourne | R. Corporation | 253-273 Normanby Road, South Melbourne VIC 3205 | Completed (2022) | 31 | 456 | ~2 km | This completed project features a significant number of apartments and is strategically located near transport links, making it appealing for both residents and investors. |
| Park Quarter (One Global) | Sunnyland Investment Development Group | St Kilda Road | 2026 | 18 | 244 | ~2 km | This project aims to provide high-quality living options in a prime location with easy access to the city. |
| UNO | Setia | 119 A'Beckett Street, Melbourne VIC | Completed | 63 | 635 | ~2 km | A completed project featuring modern apartments designed for urban professionals. |
| Regatta at Collins Wharf | Lendlease | 938 Collins Street, Docklands VIC | 2026 | 29 | 317 | ~3 km | This development offers waterfront living and is positioned in a growing area that will benefit from the cultural investments in the precinct. |
Why Melbourne Property Is the Right Investment Now
As a realtor with years of experience, I see clear patterns in property markets that align with major infrastructure developments. Cities that invest in cultural and green spaces attract more residents, increase property values, and create a vibrant community that holds its value through market cycles. Melbourne’s Southbank transformation will have this effect, and you have a chance to enter the market now — before prices adjust to reflect this future value.
What could waiting cost you?
As the Melbourne Arts Precinct and Laak Boorndap come to life, more investors will recognize the value here. Waiting could mean higher prices, reduced selection, and lost returns on what could be one of the most valuable investments in Melbourne’s recent history.
The Melbourne Arts Precinct transformation is more than a real estate opportunity; it’s a chance to be part of a city’s next great chapter. Melbourne is building a legacy that future generations will enjoy, and as a global or Singaporean investor, you’re invited to be part of it.
Contact me today, and let’s secure your place in this extraordinary city before the window closes.