What is driving this incredible boom in Melbourne that will look like a mini Chicago when the current UC buildings are finished?
People obviously know what the big industries are in LA and San Francisco but remember that San Diego has thriving Bio Tech, Aerospace/Defense Contractor, and Pharma/Medical research industries. So California being the worlds 5th largest economy and massive tech hub vs. Melbourne a metro in Australia with 5.2 million or so
Both places have high land costs, materials for construction are just as expensive in Oz I assume, and rents or mortgages for high rise accommodation are very high for average residents. So is Melbourne booming due to Chinese or other Asians parking money their? What are the industries pushing the commercial office space growth?
Does Australia have some booming tech sector, where are all the high paying jobs coming from to push the demand for all of these projects? Is it simply finance and mining? Pardon my ignorance about the Australian economy I just find it funny that this city is blowing away SF, LA, and SD combined.
So we have examples of foreign money and speculation pushing a boom: Vancouver, Miami. (Miami also a retirement and lifestyle destination in Winter) We have true organic high wage growth jobs rushing in to a city facilitating a boom: Seattle. Where does Melbourne fit in this paradigm?