May 2021: How did Melbourne apartment values perform over April?
Melbourne apartment values are approaching a $600,000 median after posting further one per cent gains across April, according to property data firm CoreLogic.
The gains followed a 2.1 per cent jump over March and 1.2 per cent across February, taking their rolling quarterly growth to four per cent.
Apartment values in the Victorian capital have been rising since October. They started the year with a $577,206 median. Now the median is at $599,234.
The main gains across the last six months or so across the country have been found in the housing sector, which is expected to taper off as the growth has been deemed "unsustainable."
And that growth is likely to give a shot in the arm to the more affordable apartment sector.
CoreLogic's research director, Tim Lawless, says the pace of capital gains in the housing market could slow further over the coming months as inventory levels rise and affordability constraints dampen demand.
“The slowdown in housing value appreciation is unsurprising given the rapid rate of growth seen over the past six months, especially in the context of subdued wages growth. With housing prices rising faster than incomes, it’s likely price sensitive sectors of the market, such as first home buyers and lower income households, are finding it harder to save for a deposit and transactional costs.”
"There is already some evidence of fewer first time buyers in the market, with the Australian Bureau of Statistics reporting a -4.0% fall in the value of first home buyer home loans through February, the first drop since May last year.
Melbourne apartments and townhouses to secure at less than the growing median
Price - Two bedroom apartments for $569,000.
One of Melbourne's most recently completed towers is the $470 million Melbourne Grand, developed by Central Equity.
They had Multiplex deliver the 58 level high-rise apartment building which won the 2020 HIA Victorian Apartment Complex of the Year award.
High-profile architects Guilford Bell + Graham Fisher designed the 646 apartment block at 560 Lonsdale Street, standing some 200 metres above street level.
One bedroom apartments are priced from $489,000, two beds from $569,000 and three bedroom apartments from $869,000.
Sky Garden, Glen Waverley
Price - One bedroom apartments from $498,000
Developed by Golden Age, Sky Garden is the latest mixed-use development in Melbourne’s Glen Waverley.
Featuring over 4,000 sqm of internal and external facilities, the development boasts an affordable entry price of just $498,000.
Features include a sky garden, private cinema, gym, heated lap pool and private library.
