09 April 2010 | Oliver Hume | Residential
Apartments on the rise in Melbourne: biannual report
MEDIA RELEASE
09 April 2010
Apartments on the rise in Melbourne: biannual report
It’s a great time to buy apartments in Melbourne after a 25% rise in supply and a slight decrease in prices in the second half of 2009, according to the biannual Medium and High Density report released today by Oliver Hume Research.
The report showed a 25% increase in the number of apartments for sale in Melbourne in the last six months of 2009 compared to the last six months of 2008.
Research General Manager for Oliver Hume Real Estate, Andrew Perkins, said, “Despite the tight funding environment for higher density developers, metropolitan Melbourne has experienced growth in the supply of medium and high density projects.”
In total there were 370 medium and high-density projects being marketed across metropolitan Melbourne equating to around 28,000 units (up 24% from the last six months of 2008). Around 80 new projects, adding 6,200 units to supply, were launched in the second six months of 2009.
Most new apartment projects were launched in the City of Melbourne ahead of Stonnington, Boroondara, Glen Eira and Yarra.
In terms of suburbs, most new apartment complexes were launched in Hawthorn, Doncaster, North Melbourne, Footscray and Melbourne.
Andrew Perkins, said, “The increase in supply of apartments meant it was a great time to buy with greater choice and greater competition for sales.”
Entry-level median prices for studios and one-bedroom apartments decreased slightly according to the report. The entry-level median price for studio apartments in inner Melbourne was $302,500 (down from $305,000) and the price for 1-bedroom apartments was $379,500 (down from $385,00 in the last six months of 2008.) The entry-level median price for a 2-bedroom apartment rose only marginally from $529,000 to $530,000.
The median number of apartments across all apartment projects in Melbourne was 43 units with median entry sizes of 34 sqm for a studio, 51 sqm for a 1-bedroom, and 73 sqm for a 2-bedroom apartment as at December 2009.
Research General Manager for Oliver Hume Real Estate, Andrew Perkins, said, “the median size of apartments in the inner municipalities was no smaller than those in outer suburbs. They are now very good value for money, especially when compared to product from a year ago.”
Oliver Hume Real Estate Group is the marketing agent behind more than 45,000 residential products along the eastern seaboard of Australia, representing Australia’s leading public and privately listed companies.
In Victoria alone, over the past 10 years Oliver Hume Real Estate Group has successfully delivered more than 170 residential projects, settling in excess of 50,000 residential products. It has offices in Victoria, New South Wales and Queensland and is active in both land and medium density and highrise sectors.
For further information please contact:
Andrew Perkins
P: 61 3 9669 5999 Mob 0407 091 787
E: a.perkins@oliverhume.com.au
Media enquiries to Grant Muller on 0411 602 233