Research by property advisory firm Urbis showed just seven per cent of new apartment sales last year were for units of three bedrooms or more, yet the demand is much higher.
Interesting, as this is one segment of the market that is being overlooked by many of new developments that are under construction, or that have been built over the past decade. Many of these properties currently available will not meet the needs of its residents.
“It is very clear that buyers do have a love affair with inner-city living however their wants are not being meet by what developers are currently offering”.
Buyers are screaming out for properties that are spacious, not everyone wants a sky-high apartment. This is resulting in many potential buyers abandoning their search for inner-city properties in favor of city edge dwellings.
This demand of unit living is working in the favor of properties like yours. Over the past 24 months we have seen, when these properties do become available, more buyers are coming forward, eager for the opportunity to purchase them!.
At present the market is strong for spacious or three bedroom, family sized apartments and this could be a great opportunity to take advantage of this current situation, as the savey investor knows, “good times don’t last” “make hay whist the sun shines”!
Over the past 12 months we have seen a increase of approx. 10-12% in the median sales price of three bedroom units in the Southbank area. This current shortage of stock has had upwards pressure on sales prices.
Feel free to contact me for a confidential discussion, if you would like to know what your property’s potential could be in today’s current marketww.
I look forward to hearing from you.
Adam Merkur - Southbank Area Specialist
M:0497 966 344
E: adam.merkur@harcourts.com.au
