MELBOURNE NEWS

Economy

Make the city your local

A person staring out the window of a skyscraper.

We’ve launched a new campaign to celebrate Melbourne’s vibrant CBD as one of the most affordable places to live, whether you are a home buyer or a renter.  

‘This is Your Local’ showcases Melbourne’s buzzing cultural scene, eclectic nightlife, beautiful green spaces, exceptional employment opportunities and convenient amenities across print, digital and social media.

The goal is to encourage new residents to make Melbourne “their local”.  

Lord Mayor Sally Capp said the City of Melbourne is the ultimate 20-minute neighbourhood.   

‘Melbourne has a cultural heart like no other. It’s a wonderful place to live with everything you need within a 20-minute stroll from your home,’ the Lord Mayor said.    

‘When you live in the city, everything is at your doorstep. Your local shops are the Queen Victorian Market, your local park is the Royal Botanic Gardens, and the MCG is your local footy ground.’

A focus of the campaign will be promoting various stamp duty concessions available for buyers, including a full stamp duty discount on new residential properties of up to $1 million within the City of Melbourne.  

A full 100 per cent stamp duty exemption is available for new residential properties that have been on the market for more than 12 months.  

Plus, first home buyer’s purchasing an off-the-plan property qualify for a duty concession if the home is valued at up to $1 million until 30 June 2022.      

The Lord Mayor encouraged prospective buyers to make the most of the new stamp duty discounts, which could amount to tens of thousands of dollars in savings.       

‘Right now, you can buy a home in the city without having to pay a cent of stamp duty,’ the Lord Mayor said.  

A partnership with REA Group will see an online campaign hub with articles outlining the lifestyle and financial benefits of city living, as well as property listings eligible for Victorian Government stamp duty concessions.  

Border closures and restrictions have put considerable pressure on the city’s property market.  

‘That’s why we’re partnering with the likes of REA Group and Domain to help turn the tide,’ the Lord Mayor said.   

‘The median price of units in Melbourne has fallen 7.5 per cent in the past year, while the average time properties are on the market has jumped by 24 per cent compared to pre-COVID levels across the CBD, Docklands and Southbank.’ 

The ‘This is Your Local’ campaign will also be targeted at next home buyers and investors looking to purchase in the next six months.     

‘With some 3,000 apartments available for sale across the City of Melbourne, there’s never been a better time to make Melbourne your local.’  

As part of ‘This is Your Local’, we will promote Melbourne’s liveability  to renters who want to make the most of the city’s universities, events, public transport and shopping.  

Creative Melbourne lead and Docklands local, Councillor Jamal Hakim said the campaign emphasises what Melbourne does best, and that it will help drive an increase in buyers and renters flocking to the city.  

‘Whether you’re a first home-buyer, an upsizer or an empty-nester, nowhere else in Australia can you find the world-class arts, culture, hospitality and retail that’s on offer throughout Melbourne,’ Cr Hakim said.  

‘My “local” is the stunning Docklands precinct, where I enjoy making the most of the beautiful waterfront location, the iconic city views, and the shops that are just a stone’s throw away from my home. 

‘I can’t wait to welcome an influx of vibrant new community members looking to make Melbourne “their local”.’ 

 The campaign is part of the $100 million Melbourne City Recovery Fund – a joint partnership between the City of Melbourne and the Victorian Government.     

The Recovery Fund has provided more than $8 million in direct grants to 1,220 businesses to adapt to COVID-safe operations, support a safe outdoor economy and transport initiatives to get the city moving again. 

This includes supporting the development of more than 200 parklets, a new pop-up park at the Queen Victoria Market, new bike lanes in inner Melbourne, and the creative shopfronts program to bring colour and vibrancy to our vacant shopfronts.      

To read stories from people living in Melbourne, visit Young family loves city playground or City apartment oasis attracts designer duo.

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28 December 2021
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