Off the plan apartments sky-high in Victoria

by Maya Breen03 Mar 2015
Realestate.com.au’s New Apartment Hotspots report highlights the top 10 suburbs where people are snapping up new apartments.
 
Victoria claimed five places in the Top 10 New Apartment Hotspots list, with suburbs Collingwood (#1), Hampton (#2), Melbourne CBD (#5), Carlton (#9) and Richmond (#10) most in demand in the past three months.
 
Collingwood has topped the heap with the most number of buyers looking across Australia, showing its strength in the current market.
 
Suburbs in other states included Lane Cove and Mosman, NSW coming in third and fourth place, respectively; Brisbane City in sixth; and Rhodes and Wollongong in NSW holding seventh and eighth place.
 
The results reflect interest in investment towards inner city locations and 360 Property Group’s Evan Cathcart said stamp duty savings were “a significant driver in people looking to Victoria for off-the-plan apartments”.
 
He said the significant stamp duty savings in Victoria could save the buyer up to $25,000 on an off-the-plan apartment worth $500,000.
 
Cathcart said key drivers for buyers looking in top spot Collingwood were its proximity to the CBD and lifestyle.
 
“There are parts of Collingwood that are only one km or a 10 minute walk from the CBD,” he said.
 
“From my experience, most people buying off-the-plan in Collingwood are predominantly young professionals… they’re close to their white-collar jobs in the city and have bustling cafes, bars and restaurants at their doorstep.”
 
As a result, Cathcart said Collingwood has gone from grungy to more gentrified in the past three to four years, which filters further benefits into the area.
 
“With such a young, vibrant demographic infiltrating Collingwood, a lot of residents ride bikes and walk into the city, which takes pressure off local roads,” he said.

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