Sydney who?

Melbourne, with its population of about 4.3 million people, has caught the attention of property experts.

It's a highly developed, growing city that could act as a safe haven for real estate investors who are too nervous to put their money in emerging markets.

The government forecasts the city's population will balloon to nearly 8 million by 2051 and builders will have to meet housing demand by constructing another 1.6 million dwellings.

Currently, prices for a two-bedroom apartment range from $320,000 to $675,000.