You can find out more about what’s going on in Yarraville and Melbourne in general by taking a look at the links below. This is a great opportunity from one of Melbourne’s top upscale developers, but availability for international investors is limited given the huge existing demand on the local market. We’ve secured a number of apartments exclusively for our clients, but please do get in touch soon if you’re interested in investing – I can’t guarantee this project will be available for long.
Melbourne investment case
The high quality of life on offer in Melbourne continues to draw more and more residents to the city, with the Economist Intelligence Unit ranking the Victorian capital the world’s most liveable city for the fifth consecutive year in 2015.
The city’s appeal extends from professionals to students. While business is thriving in Melbourne, so is education, with five of Australia’s top universities based in the city. Collectively, they host some 211,000 students, 72,300 of which are from overseas.
That means huge demand in an apartment sector that is significantly undersupplied throughout much of the city. Australia is notably more of a house nation, but Melbourne is even more so, with apartments only accounting for 3.3% of the city’s housing stock. This compares to a still relatively low 10% in Sydney, while other global property investment hubs offer far more within the apartment sector – 35% across Greater London and 55% in New York.
Such a low level of apartment supply being countered by rising demand is clearly demonstrated by Melbourne’s low vacancy rate of just 2.2% in August. The situation has seen apartment prices rise steadily over the past decade, posting average growth of 5% per annum, while an increase of 4.1% was recorded in the year to Q2 2014 as the average apartment price in the city rose to AUD520,000.
The highest levels of price growth over the past decade have been in the city’s central and inner eastern suburbs, some of which have seen rises of more than 80%. In a similar situation to that seen in London in recent years, this price growth has created a ripple effect of buyers turning their attention to previously unconsidered areas. The chief areas to benefit so far and over the next few years are in the city’s inner western and northern suburbs.
Yarraville is one such suburb to which Melbourne residents are already flocking. Offering a more village-like atmosphere while still being close to the centre of the city, Yarraville is one of Melbourne’s most up-and-coming suburbs. Apartment prices are up 8% in the year to June 2015, while the local population grew by 1.6% per annum between 2006 and 2011.
Next to Westgate Golf Club, offering expansive views of the course
Close to train and CityLink freeway connections
Easy access to the CBD and Melbourne’s world-class universities
Average price of AUD768 per square foot
Two-year rental guarantee at 5% per annum
Stylish modern development in the gentrifying district of Yarraville
Significant stamp duty savings for off-the-plan purchases
- 2 min walk to Cannon Hill train station
- 25 min to CBD by train
- Walking distance to East Village lifestyle precinct Locate on Map