Market Update

2016 bodes well for the Melbourne apartment market with recent research by the Real Institute of Victoria revealing the median price for apartments in metropolitan Melbourne has increased 1.6 per cent in the final quarter of last year.

The median apartment price in Melbourne is now $537,500, with low-maintenance living proving ideal for both investors and owner-occupiers of all ages.

Lucas Real Estate’s Director Baden Lucas said this was evidenced by the increased number of buyers looking for apartment living in Docklands, Melbourne CBD & Southbank. “Many buyers are pleasantly surprised by the affordability of property close to Melbourne’s CBD. With great views, resort-style amenities and lifestyle on offer, city living is now a very attractive proposition for many would-be buyers.”

For expert advice on the local property market, please call 9091 1400.