Melbourne tops gross value of sales for apartments: CoreLogic report

Melbourne tops gross value of sales for apartments: CoreLogic report
Melbourne tops gross value of sales for apartments: CoreLogic report

Much has been said about inner Melbourne’s apartment market supply, and the numbers prove it.

Melbourne was at the top spot for highest gross sales over the 12 months to September 2016, with total sales of $739,769,597, with the waterfront hub of Southbank at no. 4 on the top 10 list, according to CoreLogic’s latest report.

Surfer’s Paradise and Hope Island on the Gold Coast were second and third with Sydney suburb Mosman rounding up the top 5. 

“Approved housing supply reached unprecedented highs during 2016 with high rise apartment projects attracting a higher risk profile, particularly across key areas of inner Melbourne and Inner Brisbane,” according to CoreLogic’s Best of the Best 2016.

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Melbourne tops gross value of sales for apartments: CoreLogic report

The median value for unit sales in Melbourne was $470,055. 

Around the median price, we found a two-bedroom unit at 2107/250 Elizabeth Street (below), that sold for $475,000 in April 2016.

The apartment was sold through Dingle Partners. The investment property is on the 21st floor of Somerset on Elizabeth complex. 

 Melbourne tops gross value of sales for apartments: CoreLogic report

A two-bedroom 160 sqm apartment at 192/299 Queen Street, Melbourne, Vic 3000 (below and main picture) sold for $1,320,000 in May 2016.

The property was sold by Melbourne City Real Estate.

Melbourne tops gross value of sales for apartments: CoreLogic report 

Among the lowest was an investment property, a studio at 408/62-68 Hayward Lane, Melbourne (below) that fetched just $170,000 in the Melbourne CBD with the agents promising an annual return of more than 8 percent. It was sold through Elite Real Estate. It was sold in March 2016.

 Melbourne tops gross value of sales for apartments: CoreLogic report

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Melbourne Corelogic

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