Melbourne apartment values may rise next year

[{"selector":"#anim-bab765b8-6168-48f1-b2e7-fddbc5faf37d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(4.932693372218877e-15%, 2.5074219883873775e-7%) scale(0.8264462809917356)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] DESPITE negative sentiments and rough conditions in Melbourne’s off-the-plan apartment market, value rates may increase over the next 12 months.ment fuelling the downturn. Read more

[{"selector":"#anim-dff085c4-23b5-4ca7-917f-8b88bdca3075 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(4.932693372218877e-15%, 2.5074219883873775e-7%) scale(0.8264462809917356)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] According to Charter Keck Cramer’s report author Richard Temlett, despite many significant factors making apartment sales slow and... Read more

[{"selector":"#anim-3b82b177-472d-4ac2-a986-25d51f3a7855 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Analysis of apartment projects across 10 Melbourne suburbs reveals that many that have been released over 2023 have increased their off the... Read more

[{"selector":"#anim-34819834-2d85-4489-9201-817b91c97e18 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Though this market acceptance is coming through slowly, the ability to increase value rates is based on the developer... Read more

[{"selector":"#anim-caf7bce6-1a04-4b3a-98d2-cdc90a5bc540 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] With some projects having increased value rates by just 2% to 5% while others have increased by amounts exceeding than 25%... Read more

[{"selector":"#anim-eacd4370-eb63-41f9-b447-76c0a6e3e32a [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] In Melbourne, the pre-COVID off the plan value rate of $10,000/sqm has risen to almost $12,000/sqm, whilst the pre-COVID... Read more

[{"selector":"#anim-c60c3272-a12d-41aa-827a-30058b04b23c [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Charter Keck Cramer suggests that higher interest rates and diminished consumer sentiment will open up a new buyer and renter pool over the coming year... Read more

[{"selector":"#anim-d915933c-d8a9-4856-aa64-80899d6d53ad [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Many who bought at a lower rate having to trade into medium and higher density dwellings as dictated by their revised finances... Read more

[{"selector":"#anim-f83add60-b62d-4740-b5f8-f45979e122ce [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] While those who can’t afford to buy in this high interest rate market will be forced into the private rental market, making... Read more

[{"selector":"#anim-3eba2cd5-fb4f-4163-851e-f9fff5cd2722 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Though for some renters, rising rents may see some choose to purchase and pay off a mortgage instead, with BTS apartments the most... Read more

[{"selector":"#anim-700c1067-6eac-424e-b072-122d74bd6b51 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Further, the gap between unit and house prices is currently very wide, with house prices down 9% since March 2022 but still up 15% on pre-COVID... Read more

[{"selector":"#anim-051c2e5e-fb54-4933-8590-27871fbc8d5a [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] As a result of this and rapid rate rises, buyers will continue to be driven towards more affordable dwellings, such as... Read more

[{"selector":"#anim-d3919c36-3380-48c3-a3a8-e8a2628e7e9c [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Despite construction costs beginning to moderate, it’s unlikely they will decrease or return to pre-COVID levels... Read more

[{"selector":"#anim-14e04845-77dd-4505-901b-479bd71b6c06 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(4.932693372218877e-15%, 2.5074219883873775e-7%) scale(0.8264462809917356)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] This combined with stubborn land prices and Victoria’s restrictive planning system, will also result in increased apartment pricing... Read more

[{"selector":"#anim-67928f96-a532-499e-9d1d-2c3ff5a03ff1 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Charter Keck Cramer forecasts that the maturity of the BTS apartment market in Melbourne is in the process of jumping by a full property market cycle... Read more

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