From , the growth of the city extended into "green wedges" and beyond the city's urban growth boundary. Batman and his group arrived on 2 September and the two groups ultimately agreed to share the settlement. A brash boosterism that had typified Melbourne during this time ended in the early s with a severe depression of the city's economy, sending the local finance and property industries into a period of chaos   during which 16 small "land banks" and building societies collapsed, and limited companies went into liquidation. The remainder of the party continued and arrived at the mouth of the Yarra River on 15 August To counter the trend towards low-density suburban residential growth, the government began a series of controversial public housing projects in the inner city by the Housing Commission of Victoria , which resulted in demolition of many neighbourhoods and a proliferation of high-rise towers. Major inner-city urban renewal has occurred in areas such as Southbank , Port Melbourne , Melbourne Docklands and more recently, South Wharf.
In , Chinese migrants founded Chinatown , which remains the longest continuously-occupied Chinese settlement outside Asia. The various nationalities[ which? Major inner-city urban renewal has occurred in areas such as Southbank , Port Melbourne , Melbourne Docklands and more recently, South Wharf. Batman and his group arrived on 2 September and the two groups ultimately agreed to share the settlement. Unsourced material may be challenged and removed. Within months, the city's population had increased from 25, to 40, inhabitants. The Governor-General of Australia resided at Government House in Melbourne until and many major national institutions remained in Melbourne well into the twentieth century. To counter the trend towards low-density suburban residential growth, the government began a series of controversial public housing projects in the inner city by the Housing Commission of Victoria , which resulted in demolition of many neighbourhoods and a proliferation of high-rise towers. In the city hosted the first Melbourne Cup race. These areas rapidly filled with the ubiquitous terrace houses, as well as with detached houses and grand mansions, while some of the major roads developed as shopping streets. This section needs additional citations for verification. Predictions of the city's population reaching 5 million people pushed the state government to review the growth boundary in as part of its Melbourne Five Million strategy. The layout of the inner suburbs on a largely one-mile grid pattern, cut through by wide radial boulevards and parklands surrounding the central city, was largely established[ by whom? On 30 August the party disembarked and established a settlement at the site of the current Melbourne Immigration Museum. The effects of the depression on the city were profound, with virtually no new construction until the late s. Other strategies included the privatisation of some of Melbourne's services, including power and public transport, and a reduction in funding to public services such as health, education and public transport infrastructure. The Melbourne financial crisis was a contributing factor in the Australian economic depression of the s and the Australian banking crisis of Land boom and bust[ edit ] Lithograph of the Royal Exhibition Building , built to host the Melbourne International Exhibition of The decade of the s was one of extraordinary growth, when consumer confidence, easy access to credit, and steep increases in the price of land, led to an enormous amount of construction. Many of the larger suburban mansions from the boom era were also either demolished or subdivided. At the time of Australia's federation on 1 January , Melbourne became the seat of government of the federation. Members of the Melbourne Football Club codified Australian football in , and Yarra rowing clubs and "regattas" became popular about the same time. During the boom, Melbourne had reputedly become the richest city in the world,  and the largest after London in the British Empire. This 'land boom' was followed by a severe economic crash in the early s which lasted until the end of the century. The discovery of gold in Victoria in mid led to a gold rush , and Melbourne, which served as the major port and provided most services for the region, experienced rapid growth. Please help improve this article by adding citations to reliable sources. Victorian gold rush "Canvas Town", South Melbourne in the s depicting temporary accommodation for the thousands who poured into Melbourne each week during the gold rush. According to the Australian Bureau of Statistics , Melbourne sustained the highest population increase and economic growth rate of any Australian capital city in the three years ended June
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