Melbourne CBD sees increasing supply of high rise apartments: HTW residential
The Melbourne city centre has seen a continued substantial increase in the supply of high rise apartments, according to a recent Herron Todd White (HTW) residential report.
The report suggests that lifestyle changes have led to people seeking a better work and life balance; as such properties located within half an hour of the CBD and close to public transport links continue to be highly desired by first home buyers.
Developers are encouraging buyers by including amenities such as rooftop gardens, creative common facilities such as virtual golf, private dining areas with industrial kitchen facilities allowing residents to bring in a private chef and meeting rooms for the home office operator.
"For an entry level price of $580,000, you will find a one-bedroom, one-bathroom apartment in the Prima Pearl located at 35 Queens Bridge Street, Southbank (pictured above) and access to the mentioned amenities," the valuation firm said.
"Young professional couples or small families looking to upgrade their one-bedroom apartment for a bit more room do not have to go far.
"Suburbs on the city fringe such as Collingwood, Richmond, Prahran and South Melbourne still have access to public transport to the CBD, schools and close proximity to local restaurants and cafes."
Property types vary from townhouses and single-fronted dwellings that can accommodate two-to-three bedrooms, two car spaces and a small courtyard.
A three bedroom townhouse at 7 Palmer Street, Richmond (pictured above) has been sold for $1.55 million.
Set on 150 square metre block, the home comprises three bedrooms, open plan living and dining area, kitchen with Miele appliances and second living area opening to balcony.
It's situated moments from Bridge Road entertainment, amenities and public transport.
At the prestige end of the market, buyers are looking for properties with a period character or dwellings that can be easily renovated, extended or rebuilt and designed to suit their needs.
The report notes staple items within this category include basement car parking, en suite to each bedroom, a games room, swimming pool, tennis court and gym.
A five bedroom house at 26 Linlithgow Road, Toorak (pictured above) was sold for $12.15 million in March.
Set on a 1,308 square metre block, the home comprises five bedrooms, four bathrooms, and four car spaces.
It features tennis court, home theatre, gym, swimming pool and covered outdoor entertaining areas.