Malvern Road emerges as another apartment hot spot
It seems a little counter-intuitive that in an apartment market coming off its peak, there's still scope for locations around Melbourne to be shaping as apartment hot spots.
Malvern Road is such an example; while the majority of projects are quite small relative to those of the CBD and surrounds, they do shape as the right stock for current market preferences which have drifted toward larger suburban dwellings.
Focusing on Malvern and Glen Iris, the number of Malvern Road apartment projects in the Urban.com.au Project Database weighs in at 22. Added to these are a healthy number of projects queued, and which have yet to enter the Urban.com.au Project Database.
With a limited number of apartment projects completed along this stretch of Malvern Road, the pending surge of projects set to call the thoroughfare home could well push future apartment stock in the area beyond 550 dwellings.
Typically spanning 3-5 levels, these Malvern Road apartment projects are defined by larger internal apartment sizes which are on average supported by a proportionately larger number of car spaces. This is very much a reflection of the type of purchaser developers are chasing, and a reflection of the suburbs in question.
What also bolsters Malvern Road's emergence as an apartment hot spot is that very few of the 22 projects at the foot of the article have yet to reach construction.
Grace at 1555-1559 Malvern Road is all but complete, with Vivid on Malvern also well into its construction schedule. Backing these projects up are Abby Apartments, The Henderson and Turner Residences which are at sales.
That leaves the bulk of projects along Malvern Road at either planning assessment or approval. Falling within City of Stonnington's borders, the planning process for a number of projects has been lengthy.
Two of the more recent projects to gain approval are 1437-1441 Malvern Road and 1795 Malvern Road, both of which are located in Glen Iris. After an initial failure to determine, Stonnington issued a permit for 1437-1441 Malvern Road on the 29th of August. Spanning six levels when submitted for approval, the Ascui & Co-designed project is one of the larger projects to filter through in the area.
1795 Malvern Road which gained approval during September is more a typical Malvern Road development; three levels with 20 apartments in tow.
The remaining projects are generally at planning, leaving Malvern Road with a strong development pipeline and a claim to being an up and coming apartment hot spot.
