2 May 2016

28 April 2016
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For more information on the latest Urbis Melbourne Apartment Essentials click here

It might be known for its relative property market affordability, but buying a new apartment in Melbourne’s inner west got a whole lot more expensive late last year.

New apartment prices in the inner west gained more than $50,000 in the final three months of 2015 as the rest of the inner market fell slightly.

The Urbis Melbourne Apartment Essentials Q4 2015 report found the weighted average price of off-the-plan apartments in inner Melbourne fell $6,693 to $699,705 during the December 2015 quarter.

The inner west bucked the tend, with its average price rising $54,350 over the quarter to $570,000.

Apartments with the two-bedrooms and one-bathroom remained the most popular across all regions, equating to 45 per cent of total sales.

Throughout 2015 the average price across inner Melbourne varied from $690,000 to $730,000, despite tighter lending, overseas purchaser surcharges and city planning control changes.

About 2000 apartments hit the market during the quarter as developers took advantage of the festive season and weather.

Apartments with the two-bedrooms and one-bathroom remained the most popular across all regions, equating to 45 per cent of total sales.

Urbis economics and market research director Mark Dawson said Melbourne’s livability, diverse economy and population growth had boosted buyer demand.

“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,” he said.

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