Investors have returned to Melbourne’s unit market as demand has risen, with supply limited and returns on the rise.
A snapshot of the Melbourne inner city apartment market by Colliers PRD shows the market in recovery mode, reports The Australian Financial Review.
There were 172 unconditional sales of new units in the 12 inner-city projects that Colliers studied during the June quarter. In two residential towers in the $200-million Northbank Place project in Flinders Street, 91 apartments sold for $36 million.
In the June quarter the average price in the central tower was $430,000 and $385,704 in the west tower.
Colliers managing director Tim Storey told the newspaper that relatively low median prices, record low vacancy rates and climbing rental growth had drawn investors back into the CBD.