Off-the-plan apartment activity continued throughout 2015 in spite of tightening lending criteria, overseas purchaser surcharges and changes to central city planning controls.
Melbourne’s liveability, diverse economy and population growth have supported demand and ensure an ongoing requirement to provide new housing as part of a changing, growing city.
The Urbis Melbourne Apartment Essentials Q4 2015 report reveals that the weighted average price from surveyed projects in inner Melbourne for Q4 2015 was $700,000 having ranged from $690,000 to $730,000 over the course of the year, with new CBD product a big driver of sales in the quarter.
Even at a 6% premium, the higher prices recorded in the central precinct remain well below the $1 million average for new apartments in Inner Sydney, reinforcing Melbourne’s value proposition on the east coast.
The Urbis sales survey results serve as a reminder that there are a number of sub-markets operating in inner Melbourne, varied by location, target market and price.