North Melbourne and Moonee Ponds see surge in apartment stock in last 12 months

North Melbourne and Moonee Ponds see surge in apartment stock in last 12 months
North Melbourne and Moonee Ponds see surge in apartment stock in last 12 months

Much has been written about the Oversupply of apartments in Melbourne.

Earlier this year, the RBA had voiced its concerns on the apartment market, warning a flood of new apartments could come onto the market in certain areas, pushing down prices and causing heavy losses for developers.

In its latest Stock on Market update, realestateinvestar.com.au has listed the Melbourne suburbs with their current stock of units and the stock 12 months previous to that.

North Melbourne has some 135 compared to 112 a year back - a 20% change. 

In contrast, some suburbs like Carlton saw supply fall from 195 units 12 months back to 158 units in the latest count.

Meanwhile, percentage rises in some other suburbs like Alphington and Armadale were much sharper (see table below), but that was mainly because the numbers were much smaller. 

Suburb Current Units Units 12 months ago Percent change
East Melbourne 38 25 52
Moonee Ponds 75 47 59
North Melbourne 135 112 20
Brunswick West 68  49 38
Alphington 32 10 220
Armadale 52 23 126
Brighton 69  41 68

A recently completed two-bedroom apartment at 302/35 Arden Street, North Melbourne (picture above) is to go under the hammer in mid-December. It is part of the architect designed "MILQ" building.

A one-bedroom apartment at 308/108 Haines Street, North Melbourne is selling for $372,000. The inner city apartment is expected to be ready by February 2018.

North Melbourne and Moonee Ponds see surge in apartment stock in last 12 months

Tags: 
Melbourne Apartment Oversupply

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