Melbourne CBD apartment sales activity pivots to established unit sales
Apartment sales in the Melbourne CBD totalled $321 million with 485 sales in the three months to August 2021, according to Cityscope.
The sales activity dipped after two strong quarters, as sales pivoted towards established apartments.
The 485 sales was split between 370 established units and 115 off the plan sales.
The report noted continued off the plan acquisitions in Queens Place, the twin skyscrapers being built at 350 Queen Street, which on completion will be among the tallest buildings in Melbourne.
The $1 billion project from developer 3L Alliance is situated at the fringe of Flagstaff Hill, collaboratively designed by architects Fender Katsalidis Architects and Cox Architecture, with interiors by Hecker Guthrie.
The recently completed sellout Tower 1 comprises 819 apartments across 80 levels, with nomination sales being offered for sale.
The established sales during the quarter included some early resales after completion of St. Boulevard, designed by Elenberg Fraser on St. Kilda Road.
It reflected a decrease on the $500 million from 751 sales recorded in three months to May 2021, when the split was 262 established apartments and 489 off the plan sales.
There were 718 sales totalling $517 million in the quarter to February 2021, when the split was 171 established apartments and 542 off the plan sales.
The latest data brings the twelve-month sales total to $1.835 billion, an increase from the previous twelve months, which recorded sales of $1.093 billion.