With above average rental yields and some of lowest vacancy rates in Melbourne’s inner region, it should come as no surprise that Docklands has outperformed some of Melbourne’s more desirable and affluent suburbs in the million dollar property sales race.
Lucas Real Estate, the largest independent real estate agency in Docklands, was responsible for 18 of the 44 sales of properties over $1million in Docklands over the last 12 months. The data, received by RP Data, cites that sales of property over $1million in comparable suburbs were considerably lower, with Richmond accounting for 21 apartments and South Melbourne 26 apartments.
The data also shows that the median unit price of property in Docklands continues to increase, with a change of 3.4%* in the past 12 months.
As one of the largest suburban renewal projects in Australia, Docklands boasts a wide range of cultural activities and is fast becoming one of Melbourne’s most popular creative hubs, with the area attracting a high volume of high profile events.
Glen Lucas, Managing Director of Lucas Real Estate says, “These statistics cement the popularity of Docklands as an inner suburb and reinforces the rise in smart money being drawn to the area as a result empty nester purchasers.
“ With the inner-city suburb in walking distance to some of the city’s best shops, cafes and employment precinct, while ideally located on the waterfront, it’s easy to see why it’s attracted such strong interest from high net worth purchasers.
“ Over 70% of our buyers are owner-occupiers seeking a lifestyle change, with a high proportion of those empty nesters. An increasing number of buyers are choosing to downsize to low maintenance apartment living in Docklands from across the suburbs of Melbourne. It’s easy to see why – Docklands is an affordable option, and when compared to other suburbs, apartment sizes are generally larger and the views are unbeatable.”
Coupled with the fact that the developing suburb is one of the most walkable and connected communities in the inner city region, the number of million dollar price tag properties will no doubt continue to rise.
The breakdown of properties sold in the area is as follows:
6 x 2 bedroom properties sold in the past 12 months over $1million
32 x 3 bedroom properties sold in the past 12 months over $1million
5 x 4 bedroom properties sold in the past 12 months over $1million
1 x 5 bedroom properties sold in the past 12 months over $1million
Is the Docklands experiencing a renaissance in apartment buying?