Melbourne, the coastal capital of the state of Victoria, is renowned for its mix of modern architecture and extensive parklands. As one of Australia’s most vibrant and liveable cities, it’s no surprise that the property market here is a topic of interest for both investors and homebuyers alike. A question that often arises is: “Do apartments go up in value in Melbourne?”
Current Trends in the Melbourne Apartment Market
Recent data suggests that Melbourne’s apartment market is indeed experiencing growth. According to a report from the Victoria State Government, apartment prices have increased between 10.0% and 9.4% on average in Melbourne and Victoria, respectively1. This trend is a positive sign for potential investors and those considering purchasing an apartment in the city.
Buying Property in Melbourne
When it comes to buying property in Melbourne, prospective buyers are met with a variety of options. From sleek high-rise apartments in the bustling city centre to more spacious units in the quieter suburbs, there’s something to suit every lifestyle and budget. The median price for an apartment in Melbourne is currently $918,350, which is relatively low compared to other major cities in Australia
Investment Opportunities
Investing in Melbourne apartments can be a rewarding decision. The demand for smaller, more efficient residences is on the rise, particularly among young families and professionals. With the average household size decreasing, this market segment presents a lucrative opportunity for investors
Convenience and Lifestyle
City living in Melbourne offers convenience, options, and location. Apartments in Melbourne are close to shopping, public transportation, and entertainment venues, making them an attractive choice for young professionals and those seeking a vibrant urban lifestyle1.
Financial Considerations
The Australian property market has seen an increase in buyers opting for ownership over renting. This shift is driven by the potential to resell apartments at a higher price, thanks to the appreciating value of properties in Melbourne. Moreover, owning an apartment allows for personalization and changes that renting does not permit1.
What to Look for When Buying an Apartment
Before taking the plunge into the real estate market, consider the type of apartment you’re looking for. Factors such as location, amenities, and future development plans for the area can significantly impact the long-term value of your investment.
