Weekly Market Wrap – Apartments by the beach & city trump Melbourne market
Proximity to Melbourne’s seaside and city are top of the list for apartment buyers. New data shows Albert Park and Spotswood were the city’s best performers in apartment value growth in the first half of this year.
The CoreLogic report reveals Albert Park’s prime location close to the beach and heritage apartments are a huge drawcard for home buyers, resulting in a 55% increase in the median unit value to exceed $1 million.
Whilst not in the same price bracket as Albert Park, unit prices in Spotswood similarly rose by 28% to $649,133 – the proximity to the CBD and bay a key factor in this increase.
The benefit about Spotswood and neighbouring suburb Newport is that there are ample two and three-bedroom units on the market at an affordable price point.
With new apartment developments coming to the area there’s a growing amount of stock on the market too, particularly for first home buyers.
Whether you’re looking for a heritage apartment to downsize to, or something smaller to help you break into the market, keep in mind the property basics. Look for areas like Albert Park or Spotswood that are close to stunning beach-side walking tracks, great cafés and public transport links, and you’ll be in good stead when it comes time to sell.