Of all the predictions placed on the market rolling out of 2020, I think we’ve all been caught by surprise with how active the Docklands and the inner-city market has been in the first quarter of this year. From single bedroom apartments in NewQuay to penthouses in Victoria Harbour and everything in between, the market is alive. Thus far in 2021, we’re now seeing double or triple the standard sold volume. Equating to us selling a property roughly every 37 hours so far this year.
One question that is often asked is “Who is buying in Docklands?” and it comes with an answer that has developed massively over the last decade. Docklands has moved away from the media described “concrete investment jungle” and is now a sought-after home for mostly owner-occupiers. In fact, from the 55 properties that we have sold to date this year, only 3 have sold to investors. That's 95% to owner-occupiers!
However, the story isn’t that simple as Docklands newest residents have been coming from a multitude of different places and backgrounds.
First Home Buyers
Ever since the State Government implemented the first home buyer scheme that eliminated stamp duty for an established purchase under $600,000, we’ve seen an influx of FHB’s to Docklands. Affordable in the context of Melbourne and often also being close to work, Docklands apartments offer a fantastic foot in the door to the property market.
As the kids move out and start their own journey many parents in the suburbs can feel that they no longer need larger homes and big gardens to maintain. A popular alternative lifestyle is to sell the family home and base themselves in Docklands. While enjoying the waterfront lifestyle and proximity to the CBD, the added security of an apartment complex is also a key factor.
This one may surprise some, but there are many families from rural Victoria who occupy properties in Docklands. Some part-time and others year-round. Countless stories of sending children to University, coming into town for sporting events, working in the city and not having to travel home each night or just a prime holiday house are just a handful of reasons.
With the Docklands new state of the art Primary School now operational, NewQuay especially has been transformed. With crossing guards directing traffic, excited children walking to school in the morning and parents supporting local business, a real sense of community is now on show. This new-found positivity in the area is why Docklands is one of the most sought-after areas around the inner-city for young families.
As Docklands continues to foster community energy and engagement, it’s hard to imagine that this will be a short-lived trend. For any questions about how this is impacting the property market or to help find your piece of Docklands, please do not hesitate to reach out.