According to the Australian Times' report on July 4, $1 million used to be a considerable amount of saving for Melbourne apartment buy, but the recent Melbourne property data has shown that $1 million is only a benchmark for Melbourne apartment buy and housing investment.
Statistics show that Melbourne propertiesthat are valued at millions of Australian dollars which used to only appear in Toorak, has now expanded to Melbourne CBD. Buyers who are interested in CBD/Docklands apartment for salemay need at least a 7-digit budget, and even more for houses.
The Domain group data shows that the median Melbourne property pricesis now around $850,000.Real estate experts have asserted that it is necessary to have at a 2 million budget if buyers are interested in Melbourne's wealthiest urban areas such as CBD/Docklands apartment for sale.
The prestigious schools and infrastructures in the Eastern region and the bay area are also important factors for the attraction of buyers, thus leading to a rise in Melbourne property prices.
But in the past five years, the Inner West suburbs has also become more and more popular. Buyer's interest in Melbourne apartment buyhas gradually moved westwards.
Over the past two years, the average sold Melbourne property pricesin Clayton and Moorabbin are mostly around $1 million. Although the median Melbourne property prices in suburbs such as Eltham has not yet exceeded the $1 million housing budget benchmark, but a total of 50 Melbourne apartment buy/housing sale occurred at a 7-digit sales price in 2016.
Overall, The increasing trend of Melbourne property pricesis not leaving any reaction time for buyers. However, even if the Melbourne property prices continue to increase at the current rate, the property market still attracts housing investors continuously, in the expectations of obtaining higher returns, from wealthy suburbs such as CBD/Docklands apartment for sale. By looking at the current flow of funds, Melbourne is still the preferred city for mainstream housing investors.
For further enquiries, please do not hesitate to contact our professional Melbourne apartment selling agenton 1300 354 839 for more information and advice.