News

Melbourne CBD Market Update

Melcorp Property have recently undertaken an analysis of the capital gains and vacancy rates achieved by our clients in the CBD. Zen in particular, has experienced capital growth of 5.99% per annum. Developed by PDG and completed in late 2011, the Zen residential tower offers a premium location within one city block of the Queen Victoria Markets, the University of Melbourne, RMIT and Swanston Street. Internally it functions as a self-contained community with gymnasiums, full sized swimming pools, a barbeque terrace, lounge, dining and study areas, a yoga room, tennis court and 24 hour concierge and building management service. The well-designed apartments with fantastic views were snapped up quickly when originally offered off the plan and promptly rose 10.46% in value upon completion. In addition, vacancy rates within the tower have hovered around the 0.5% mark, significantly lower than the 3% Melbourne average.

 

 

Verve and Milano, also developed by PDG, are another two towers which Melcorp Property have identified as great buildings in which to own and/or live. Completed in 2007, the 36 level Milano and 46 level Verve towers have enjoyed 5.23% per annum and 4.85% per annum growth over the last 7 years respectively.

 


Like Zen, apartments within these towers are in high demand with very short 'time on market' statistics. Vacancy rates are also attractive, sitting at less than 1% throughout their history. The towers also feature a full level of generously portioned and high quality lifestyle amenity, and positioned on Swanston Street are next door to the major university campus’s.

 

 

As the most liveable city in the world, Melbourne is a fantastic place to live and with a CBD population set to grow by 27,000 people in the next 5 years, it is a great place to invest. The lesson for prospective CBD property investors and owner occupiers looking for capital gains in the medium to long term, is to seek out quality residential towers with proven track records. These will be located in prime postions close to major infrastructure with plentiful and high quality amenities for residents. Properties which possess these fundamental qualities are always in deman d and are less likely to be impacted by cyclical market fluctuations.

Melcorp Property select only the best residential properties in the CBD to represent and recommend to our clients. To find your perfect Melbourne CBD apartment please contact us on +61 3 9663 1117 or visit one of our four CBD offices today.