Reports of an oversupply of properties in the country did not stop Port Melbourne, Melbourne CBD, and Fitzroy North to be the city’s hot spots for new apartments.
Realestate.com.au has released new data regarding an increase of demands for new apartments nationally, which has soared by 10.7 percent on a course of 12 months, and showed Melbourne at its highest recorded level.
“As our population continues to grow, we will see increasing demand for both apartments and houses across Melbourne. Therefore, pressure will be on the availability of developable land,” Danni Addison, Victorian Chief Executive of the Urban Development Institute of Australia (UDIA) said in their report.
“Policy-makers need to deliver appropriate mechanisms to facilitate growth in these areas to ease upward pricing pressures.”
The REA Group Property Market Index for Apartments (2013-2016) also showed results that the customer demands for outer suburbs are still high.
“The research tells us that housing in the established and outer suburbs remains high. Therefore, policy measures need to ensure that the industry is able to provide the housing people want in a way that limits upward pressure on price,” said Addison.
The research results showed that Clinton Hill and Middle Park belong to Australia’s top six development hotspots with the most demand from renters; while on the other hand, Parkdale and East Melbourne belong to the top six suburbs with the most demand from buyers.
Moreover, buyers from China decreased by three percent since last year, with Sydney and Melbourne experiencing the largest drop. However, Chinese buyers are still eyeing for Melbourne, therefore making it the number one destination for them and “doubling the rate of Sydney.”
With all the increase in demand, this is the perfect time for residential real estate broker Victoria to make deals with potential home buyers and apartment renters, whether in the city or suburbs. They also need to find new locations to advertise and sell at the right price, with both parties agreeing to the land price.
