The existence of large ethnic communities in the city of Melbourne is helping to drive further immigration to the area, particularly among people from Asian countries.
Shaun Di Gregorio, chief executive of iProperty, says Melbourne benefits from a "multicultural label" due to its high level of overseas students, global cuisine and community groups representing the cultures and interests of Asian residents, according to BRW.
A recent survey by iProperty has revealed that around a quarter of Asian property investors consider Australia to be their preferred overseas destination, particularly those from Malaysia, Singapore and Indonesia.
Australian living standards appear to be the main driver of this trend, with a large number of investors saying migration was the main reason for their interest in overseas real estate.
According to Mr Di Gregorio, factors such as close proximity to Asia, a minimal time difference and a society that is generally perceived to be multicultural are the main attractions of Australia to Asian buyers.
