Melbourne apartments at peak of market: HTW July property clock
Units in Melbourne, the NSW Central Coast, the Gold Coast and Newcastle are at the peak of the market according to the July property clock from Herron Todd White.
Apartments in Cairns, Townsville and the Whitsundays are ranked at the bottom of the market.
Apartments in Sydney, Ballarat and Dubbo are approaching the peak of market.
Melbourne, Coffs Harbour, the Gold Coast and Newcastle were at market peak last month too.
According to HTW, inner city Melbourne continues to be the fastest growing capital city in Australia, driven by migration from both interstate, regional and overseas areas which in turn creates higher demand.
HTW said the Melbourne CBD and inner city suburbs residential market has remained steady throughout the year, with rental returns generally ranging between 3 percent and 6 percent.
"At an entry point of $500,000 you will not be able to purchase a detached dwelling, terrace or townhouse, however, 1-bedroom or compact 2-bedroom apartments with a car space may be available," HTW said.
"In response to the growing demand, Melbourne city planners have been green-lighting new medium rise and high-rise residential developments.
"Many new apartment buildings are nearing completion and many more are currently being built or are approved for construction, adding growing concerns of apartment oversupply which has been covered extensively in previous reports."