Melbourne’s inner-city units are lagging the rest of the property market.This gap is expected to deepen. Apartment prices increased 4.4 per cent to $569,677 over the final quarter of 2020, Domain data shows, after falls earlier in the year. But experts have described Melbourne’s high-density inner-city apartment market as “disturbed” and “over-supplied”, leaving units more likely to sell at a loss while houses are primed for double-digit growth over 2021.
“Changed lifestyle preferences post-lockdown and the option of remote working have driven demand to outer suburban and regional locations as buyers seek affordability, liveability, space and greater value for money.” House price rents increased over the past 12 months. But the apartment market is showing a very different picture with vendor discounting – the difference between how much a property was listed for and its sale price – showing units in all parts of the city changing hands for less than initially advertised and taking longer to sell. Houses in the inner-, middle- and outer-rings all sold above their marketed price.
Property Investment Professionals of Australia chairman and buyers’ agent Ben Kingsley has been surprised by the strength of the detached and townhouse market in Melbourne, saying it has reached “beyond what I would’ve thought at this point”.
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JennieDuke MattWadeSMH Math, logic and situational awareness aren’t strong points with these writers unfortunately
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