April 2021: The top 5 two-bedroom apartments for investors in Melbourne under $800,000
As ME Bank records buoyed positive sentiment amongst Aussie property investors and Westpac forecasts Melbourne dwelling values to rise 10 per cent in 2021, now may be the ideal time for investors to secure a new apartment.
Although Melbourne’s property market still has some way to go before it returns to pre-COVID levels, the current circumstances provide a unique opportunity for buyers to secure an apartment before investors return to the market in full force.
For those hoping to get ahead of the anticipated increase in activity, Urban takes a look at five two-bedroom apartments in Melbourne for under $800,000.
1. 661 Chapel Street, South Yarra
Address: 661 Chapel Street, South Yarra VIC 3141
Two-bedroom apartments from $798,000
Located just three-kilometres south-east of the Melbourne CBD, 661 Chapel Street provides investors with great opportunities to capitalise on high-income professionals who are renting in Melbourne.
Although South Yarra has an average rental yield of 3.7 per cent, according to REIV, one two-bedroom apartment in the 661 Chapel Street complex was listed for rent at $950 per week in 2020.
Based on the current two-bedroom apartment price, this reflects a rental yield of almost 6.2 per cent, which is no surprise when you take a look inside the luxury development.
A four-level private lobby, 25-metre pool, grand library and winter garden are among the hotel-like amenities available to residents.
2. Voyager, Docklands
Address: 103 South Wharf Drive, Docklands VIC 3008
Two-bedroom apartments from $706,500
Research conducted by independent property consulting firm Urbis found that Melbourne’s Docklands residential population is expected to grow at an annual rate of 7.0 per cent per annum over the next five years, providing great opportunities for investors.
The rental market for Docklands is strong with median rents for two-bedroom apartments higher than Greater Melbourne.
Voyager’s large selection of versatile floorplans are designed to suit all homebuyers with luxury homes, inspirational artist apartments and flexi-apartments still available.
3. Hawthorn Park, Hawthorn East
Address: 33-53 Camberwell Road, Hawthorn East VIC 3123
Two-bedroom apartments from $670,000
Hawthorn Park, located in the small inner-east suburb of Hawthorn East, offers owner-occupiers and investors alike with a luxury residence with a community feel.
The development’s two-bedroom apartments, priced from $670,000, are on par with the suburb’s median two-bedroom unit price of $669,000.
According to the Department of Human Services, two-bedroom apartments in Hawthorn East registered median rental growth of 5.3 per cent per annum in the ten-year period to June 2016.
Offering a very high walk score of 90, large floor plans and an incredible sky bridge pool, homebuyers who purchase an apartment at Hawthorn Park will unlikely be led astray.
4. Hurstmon, Malvern East
Address: 3 Hurstmon Street, Malvern East VIC 3145
Two-bedroom apartments from $795,000
Marketed towards young professionals and downsizers in Melbourne’s Malvern East, Hurstmon is a stylish home defined by rich layers of experience and character.
Catering to Malvern East’s dominant type of buyer and renter, this home has the potential to become a profitable investment due to its contemporary architecture and great location.
Set amongst beautiful parks, historic gardens and tree-lined streets, Hurstmon provides landscaped green spaces, premium finishes and floorplans responsive to changes and requests by homebuyers.
According to REIV, the average rental yield of units in Malvern East sits at 3.0 per cent.
5. Normanby, Southbank
Address: 199-201 Normanby Road, Southbank VIC 3006
Two-bedroom apartments from $726,300
Southbank and other CBD suburbs are highly prized for their employment opportunities, well-established communities, great public transport offerings and cultural landmarks.
Normanby’s sophisticated form and elevated amenities create a luxe environment that is sure to deliver the needs of its residents, from investors to owner-occupiers.
The development boasts uninterrupted city views, an elevated infinity pool and hotel services and amenities, thanks to the adjoining AC Hotel by Marriott.