MILLION-DOLLAR HOMES EMERGE IN DOCKLANDS

02-Jun-2015

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Author: The Real Estate Conversation

The median unit price of property in Docklands continues to increase.

Melbourne's redeveloped waterfront has its fair share of naysayers, but the Docklands area has outperformed some of Melbourne’s more desirable and affluent suburbs in the million dollar property sales race. Over the last year, there were 44 property sales above $1 million in Docklands, with Lucas Real Estate responsible for 18 of these sales. Sales of property over $1million in comparable suburbs were considerably lower, with Richmond accounting for 21 apartments and South Melbourne 26 apartments.

The area has above average rental yields and some of lowest vacancy rates in Melbourne’s inner region. The median unit price of property in Docklands continues to increase, with a change of 3.4 percent in the past 12 months, according to REIV data.

Glen Lucas, Managing Director of Lucas Real Estate, said over 70 percent of the firm's buyers are owner-occupiers seeking a lifestyle change, with a high proportion of those empty nesters. "An increasing number of buyers are choosing to downsize to low maintenance apartment living in Docklands from across the suburbs of Melbourne," said Lucas. "It’s easy to see why – Docklands is an affordable option, and when compared to other suburbs, apartment sizes are generally larger and the views are unbeatable.”

Published in the Real Estate Conversation