Owner-occupiers outnumber investors in CBRE Melbourne apartment sales
One of Melbourne's leading residential real estate project marketing agencies says owner-occupiers outnumbered investors three-to-one in its 2012 apartment sales.
CBRE Residential Projects' managing director Andrew Leoncelli says the average sale price of apartments sold last year by CBRE was $589,000.
"The split between owner occupiers and investors was approximately 75/25, as local owner-occupiers made a quality product offering their number one search criteria," he said.
Mr Leoncelli cited Emporia in Commercial Road, Prahran (pictured above) and Studio Nine, Richmond (picture below) as success stories for CBRE in 2012.
"These two projects offered a level of finish not seen for many years across the local market.”
Andrew Rice, of Property Development Analysis, says investor locations - such as the CBD and Southbank - are measured with a different set of requirements than their local precinct counterparts such as those in Prahran, Richmond, Fitzroy and South Yarra.
In such areas, he says, owner-occupiers are typically attracted by the closeness to services and amenities which compliment lifestyle and workplace.
"Buyers have been patiently waiting for projects with a certain level of quality before they buy," Mr Rice said.
"Projects that offer a unique level of finish through design and use of superior materials not only set themselves apart from the rest of the market but have enjoyed great results in 2012 and we expect this trend to continue into 2013."
Mr Leoncelli says the early part of 2013 has been promising for property trends, with online enquiries up 40% from this time last year and strong interest in all of CBRE’s currently advertised projects.
