Market Wrap – Divide Between Work and Home

Australian cities are currently experiencing a growing divide between where people live and where they work, according to recent data from The Grattan Institute.  As employment growth booms in Melbourne’s inner city ring, the think tank highlighted that more Melburnians are considering a move closer to the CBD to reduce commute times. But as our population continues to grow, this is an unsustainable option. Some planning experts suggest the solution lies in improving public transport options and road infrastructure so outer suburban dwellers can balance the joys of a traditional quarter-acre home with faster access to work each day. Another proposal is to create ‘job centres’ outside of the CBD – place these hubs in and around homes so work is only a short walk or drive away. The Grattan Institute also recommends increasing property type variety in inner Melbourne, such as units, townhouses and low-rise developments, to reduce commute times and meet demand for the heart of the city. There are numerous positives to both inner and outer suburban living. As we work to address these growing pains, buyers should weigh up the pros and cons of both lifestyles and decide what they are happy to trade-off before setting out on their property hunt.