As the name denotes, Docklands is a small location in the city of Melbourne that is located not far from Victoria Harbour. This area is considered to be one of the best examples of urban renewal projects in Melbourne. Originally designed to accommodate seafaring goods, Docklands fell into disuse with the advent of more modern container ships which needed larger berths to send and receive goods. As a result, Docklands experienced a pronounced era of sever decline well into the 1990's. However, the last two decades have witnessed a renovation of many properties that had severely deteriorated.
As with many real estate markets, the key to urban renewal revolves around attracting outside interest and investment. It is for this reason that Docklands Stadium was erected in 1996. Also, a number of historic buildings were refurbished and maintained as a way to introduce new inhabitants to the city's unique maritime and cultural history.
All of these efforts seem to have paid off, for Docklands is now one of the most sought-after locations in Melbourne to host businesses and corporations. Many in the real estate industry feel that this renewed interest is due to what is known as a "business park" model of architecture. Low- to medium-rise buildings provide an open feel within the area while modern transportation methods allow residents to travel to and from the centre of Melbourne with ease.
Therefore, the market for property and housing in the Docklands is on the rise. Nonetheless, this district is most sought after by business consultants and developers who are keen to be located in what is quickly proving to be one of the most modern and upscale areas within Melbourne. Thus, it should come as no surprise that housing prices are comparatively higher to those located in other regions of the city.