Unit prices in Melbourne’s inner city are lower than they were five years ago, and have barely risen in a handful of sought-after eastern suburbs. property propertyprices Melbourne Melbournecbd
The median unit price in Melbourne’s CBD, Southbank and Docklands is lower than five years ago.Experts warn potential buyers of the risks in new buildings that may have defects or depreciate.Unit prices in Melbourne’s inner city are lower than they were five years ago, and have barely risen in a handful of sought-after eastern suburbs.
Even in leafy Armadale and Toorak, the median unit price is a fraction lower than five years ago, while unit prices have risen less than 5 per cent in Hawthorn and Prahran. Investor demand for apartments in the suburbs would likely improve as the rental market continued to recover, international borders reopened, and more workers returned to the office, but could also be hit by looming rate rises, he said.
She said there are still hundreds of units to be built in inner Melbourne in coming years, risking an oversupply. For example, even outside the CBD, across key inner suburbs for new projects in North Melbourne, Collingwood, Abbotsford, Richmond and Fitzroy, there are 2112 units due for completion this year, 1144 next year and 500 in 2024.
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