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I lived in the Melbourne CBD for 6 months in 2004.
Negatives
Begging around the main shopping areas (I was approached on average once a week, 'got any spare change')
Grafitti around the railway lines
Positives
Everything else, Melbourne rocks!
Don't be put off by the area around the airport or the trip in. North Melbourne is a lot less nicer than the southern suburbs (Carlton area excepted).
Despite what you hear from the locals Melbourne has an excellent transport system (especially compare to the UK). Commuting from anywhere near a train station or tram stop is easy in Melbourne to the CPD.
Australians are very opening an welcoming, even to the point of being overly direct compare to the brits. To get along with aussies make the effort and don't turn down invitations to bbq, trips to the pub etc. You may not get a second invitation.
Regarding house prices.
The UK is inline for a serious downturn over the next few years (20-40%) where as Oz is getting near the end of a property boom but probably has a couple of years yet to go.
Although I never suggest you sell up and move all your assets to oz without at least 6 months of living there I would seriously consider selling up & leaving the cash in a UK bank.
Trying to sell your UK property from overseas will be a lot harder and you'll have the flexibility to get the best of the exchange rate.
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