Melbourne is the world's most 'liveable city'

The Economist Intelligence Unit (EIU) has recently ranked Melbourne as the most 'liveable' city in the world.

Formerly an in-house research service at The Economist, the EIU monitors living conditions in cities around the world by taking into consideration a range of socio-economic factors.

In reaching its decision, the unit assessed a number of criteria, namely the culture, educational attributes, infrastructure, healthcare systems and overall stability.

The survey provided by the EIU was originally used by the parent company as a way of measuring whether journalists posted to various parts of the world would require a dedicated hardship allowance as part of their relocation package.

Previous winner Vancouver has held the coveted position for nearly a decade, but on August 30 Melbourne edged past both the Canadian city and the Austrian capital of Vienna to claim the top spot.

According to the report, Australia's second largest city received perfect scores in the areas of healthcare, education and infrastructure - which could be good news for professionals with property management training.

The coveted position means that real estate investors seeking decent returns and families looking to relocate to a more 'liveable' location will be thinking of Melbourne as a viable option for years to come.