Southbank's apartment market is bouncing back
Promising new data released by Melbourne Inner City Management (MICM) indicates that Southbank and Melbourne CBD apartment vacancies have restored to pre-pandemic levels since Victoria’s second lockdown in 2020.
At the height of the pandemic, apartment vacancy rates in metropolitan Melbourne sat at approximately 11 per cent, however they are now remaining steady below two per cent.
Driving the market recovery has been the return of retirees to CBD areas, as well as the recent scrapping of international travel bans – bringing both students and young professionals back into Melbourne’s city.
These market factors are anticipated to be the much-needed shot in the arm investors and landlords require, as the rental sector has been hard hit over the past 24 months.
More broadly, nearly 20,000 new apartments were delivered to Melbourne in 2016, however fewer than 1000 will be delivered in area in the next 24 months, which is expected to further decrease vacancies and drive further value for CBD property owners.
Sentiment among home hunters in Victoria continues to lift since lockdown restrictions have eased, supported by record low interest rates and a host of government run stamp duty incentives which are aiding the market’s recovery.
These significant government savings coupled with Melbourne Square’s incredible Life & Style Edition buyer package provides purchasers with an opportunity to save as much as $120,000 on an $850,000 apartment. You can find out more about this via this link.
However, these incredible market conditions will not last forever, with the stamp duty concession program expiring on 30 June this year.
So, if you are looking to make the most out of your new home purchase, you better act sooner than later!
To learn more about our range of Life & Style Edition apartment stock eligible for stamp duty savings, please book a private appointment and tour of Melbourne Square with one of our experienced sales consultants.