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In Melbourne’s CBD, there have been significant changes to city living

Melbourne may have been stuck in a rut for the previous two years, but now that pandemic restrictions are lifting, the city is on the move once more.

Major residential constructions are being complimented by improvements to the arts area and a slew of green-space initiatives, all of which will help Melbourne maintain its enviable liveability.

Each precinct’s signature attractions and impending developments are listed here.

Docklands

The much-anticipated Melbourne Skyfarm, a 2000-square-metre rooftop car park renovated into an urban farm with views of the Yarra, will open to the public later this year.

Visitors will be able to tour the functioning farm, explore the orchard, sip honey from the rooftop hives, and dine at the environmentally friendly cafe.

Melbourne Skyfarm is a $500 million residential and hotel project located in the Seafarer’s area, which is reviving a lost piece of city real estate between Spencer Street and the Charles Grimes Bridge.

Marvel Stadium is also undergoing improvements to enhance pedestrian traffic from the Southern Cross footbridge, which is reopening post-COVID.

Docklands will be a key location for the Greenline project, a four-kilometer revitalisation proposal for the Yarra’s north bank that is currently seeking state government clearance.

The six-metre-wide promenade will extend from Birrarung Marr to the Bolte Bridge, linking walking and cycling trails that are currently unconnected.

If it goes forward, Michele Acuto, director of the University of Melbourne’s Melbourne Centre for Cities, believes it would be a green effort the city can be proud of.

“It goes all the way from the Docklands to East Melbourne and it brings the city toward the river; things will be reactivated and more effective there,” Professor Acuto explains.

“We are a city on a river and it is a waterway, not just a river. So recognising and celebrating that, and making it a flagship of Melbourne in the next 20 to 30 years is a real step change in our profile as a livable, global nature-oriented city.”

Southbank

Southbank’s development scene is growing, since it never misses out on the activity. The construction of Australia’s tallest tower is planned to begin next year. STH BNK By Beulah is a two-tower development, the highest of which stands at 101 storeys and 356 meters.

NGV Contemporary, a new gallery that is part of the $1.7 billion Melbourne Arts Precinct makeover, will also be located on Southbank. The famous St Kilda Road district will benefit from this, as well as the Metro Tunnel and ANZAC station.

According to Tim Bracher, executive officer of the Yarra River Business Association, these improvements are aimed at capitalizing on Melbourne’s waterfront position.

“The major redevelopment of the Southgate complex, the amazing looking and green building of STH BNK By Beulah on City Road, together with the extension of Southbank Boulevard right to the water’s edge, will alter the way Southbank looks in the next five years,” he adds.

“And over the next decade, the $1.7 billion transformation of the Arts Centre, and especially the NGV Contemporary, will further consolidate Southbank’s international reputation. It will be a very exciting decade ahead.”

West Melbourne

West Melbourne has many of the industrial characteristics that connect it to its early history, such as active shipping docks and railway yards. Residential and commercial development, on the other hand, is on the rise.

This includes a 25-story tower at 45 Dudley Street, which will be completed later this year, and an 11-story structure at 268 Adderley Street, which will include 185 units.

In West Melbourne, there are a wave of new buildings, including mixed-use projects including office space and retail.

According to Nicholas Reece, deputy lord mayor of Melbourne, the inner neighborhood is entering a new phase of gentrification.

“There are some really exciting new developments occurring in West Melbourne, which is leaping ahead as a popular mixed-use suburb replicating the growth and change we’ve seen in Fitzroy and Collingwood in recent years,” he adds.

Carlton

Carlton has historically been a centre for student accommodation due to its closeness to the University of Melbourne and RMIT. However, the epidemic has wreaked havoc on vacancy rates, forcing developers to reconsider their market.

On Carlton streets, luxury complexes for rich professionals and downsizers have developed. The 79 apartments of Argyle House, which overlooks the historic Argyle Square, and the 20 apartments at La Storia on Cardigan Street are among them.

East Melbourne

East Melbourne is a popular choice for rich inner-city residents due to its broad streets dotted with Victorian terraces and lush parks. Fitzroy Gardens, like the famed MCG, is a must-see attraction.

Stage two of the Epworth Freemasons hospital site renovation is now ongoing on Albert Street. A $13.1 million mixed-use twin tower building on the junction of Hoddle Street and Wellington Parade in East Melbourne is also set to go forward.

In Melbourne's CBD, there have been significant changes to city living

Stamp duty savings in the city

Sweeteners are available until June 20 that allow purchasers to save 50% on stamp duty on residential properties worth up to $1 million in the City of Melbourne.

New residential properties that have been on the market for more than 12 months are also eligible for a stamp duty exemption of 100%.

Off-the-plan flats will also be eligible for a stamp duty exemption if the house is valued at less than $1 million until June 30 next year.

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