summer property market

The strength of the Melbourne property market looks set to continue into the New Year buoyed by low interest rates, a robust economy and strong population growth. In fact, Victoria is the fastest growing state in the nation.

With the vast majority of new Victorians choosing to call Melbourne home, an increasing number of buyers are opting for both low-maintenance living and the convenience of a city lifestyle.

Research by the Real Estate Institute of Victoria revealed the median price for apartments in metropolitan Melbourne has increased 2.1 per cent to $545,500 over the past quarter, with the new median apartment price in Melbourne CBD $439,000, Southbank $583,000 and Docklands $585,000.

Lucas Real Estate’s Director Chris Henson said this was evidenced by the increased number of owner-occupiers considering Inner City apartment living. “Many buyers are pleasantly surprised by the affordability of property so close to Melbourne’s CBD. With great views, resort-style amenities and lifestyle on offer, city living is now a very attractive proposition for many would-be buyers.”

We appreciate the continued support of our clients during the past year, and we look forward to being of service to you throughout 2017. Please feel free to contact your local area experts on 9091 1400.