Boom times for apartment construction in Glen Eira
Glen Eira's apartment construction scene is particularly healthy at present.
Failing any construction works on marquee projects such as Caulfield Village or Monash University, a 'mosquito fleet' of low-rise apartment projects are ably taking up the slack and keeping the crane count within Glen Eira at a heightened level. Across the Urban.com.au Project Database, 27 separate projects are listed as at construction, whilst additional smaller builds within the municipality further boost that number.
Of the projects tracked by Urban.com.au, the sum of apartments under construction currently stands at just beyond 900.
The typical apartment project consists of 3-4 levels, with the current crop at construction averaging out to approximately 40 apartments per development.
Bentleigh is currently a stronghold of construction works; 6 projects are under construction and all are a short distance from the freshly completed Bentleigh Station. Carnegie also punches hard with 8 projects heading skyward, although they spread across the suburb.
In light of the swing away from investment grade inner city apartments to the owner occupier middle ring suburban market, municipalities such as Glen Eira, Stonnington and Whitehorse have seen a boost in demand for apartment living. This is borne out by the healthy number of projects at construction; these projects are smaller, require less capital and in general create less risk for their respective developers.
Usually a heavy hitter in Melbourne's inner city market, SP Setia is very much representative of larger developers delving into middle suburbs. Their Carnegie project dubbed Maison sees 48 apartments at construction at the hand of builder Ironstone.
Not to be overlooked is Steller; the prolific developer of smaller projects consisting predominantly of 2 and 3 bedroom apartments always maintains a healthy presence within Glen Eira. Currently, Steller has 13 projects within Glen Eira on the Urban.com.au Project Database, with only a handful at construction.
And Steller's mass of projects within the municipality yet to reach construction is symptomatic of the strong pipeline within Glen Eira.
Urban.com.au is tracking a further 27 projects within Glen Eira that are at registrations and sales. Carnegie and Murrumbeena look to be the suburbs to watch in terms of construction activity over the next period.
Larger projects too are set to join the fray, as evidenced by 1060 Carnegie and Woorayl Street which involves Pace Development Group as builder. Both projects at between 10-12 levels represent a step up in projects size within Carnegie.