LOCAL PROPERTY UPDATE

01-Mar-2016

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Author: 3004 St Kilda Road News

The 2016 real estate market has started strongly across Melbourne, with continued low interest rates, population growth and the solidly performing Victorian economy underpinning the local housing market.

Recent research by the Real Institute of Victoria has revealed the median price for apartments in metropolitan Melbourne increased five per cent over the past year with the median apartment price in Melbourne now at $537,500. Melbourne 3000 and 3004 residents enjoyed an eight per cent increase in median prices in the final quarter of 2014, with the median apartment price at $497,500.

The St Kilda Road property market has had one of its strongest years on record in 2015 - with increased buyer, investor and tenant activity across all price ranges and property types.

In a recent highly regarded industry report, Lucas Real Estate was identified as the number one selling agent for Inner City Melbourne, with in excess of 200 apartments sold last year in St Kilda Road, Southbank, Melbourne and Docklands. Managing Director, Glen Lucas feels that “2016 will bode well for the Melbourne apartment market with modern low-maintenance living proving ideal for both investors and owner-occupiers.”

“There is an increasing number of buyers at open for inspections, with significant activity in the entry-level segment of our local market from both investors and first-home buyers. Notably there is a shortage of three and four bedroom apartments, with continuously increasing demand from cashed-up downsizers seeking to relocate from suburban Melbourne.”

"An increasing number of empty nesters are choosing to downsize to low maintenance apartment Inner City living from across the suburbs of Melbourne. It’s easy to see why – there is an affordable property option for every price, and when compared to newer developments, apartment sizes are generally larger.”

According to Victorian Agent of the Year and Lucas Director Baden Lucas, “many buyers are pleasantly surprised by the affordability of property so close to Melbourne’s CBD. With great views, resort-style amenities and a city lifestyle on offer, apartment living is now a very attractive proposition for many would-be buyers of all ages.”

“Our most popular property last year was a three bedroom apartment in the QuayWest complex. It sold for close to $3M after attracting solid interest from a combination of both local and interstate buyers.”

“With a growing number of would-be buyers out in force, many sales are now taking place behind the scenes. It really is an exceptional time for property in Melbourne and many vendors are choosing to sell now to take advantage of current market sentiment.”

Published in the 3004 St Kilda Road News