4 property types Melbourne buyers are looking for
Once you’ve managed to identify the best suburbs to live in Melbourne, the next task is to narrow down the various property options.
There are some house types that are proving particularly attractive at the moment, so it’s well worth knowing where the greatest competition will be.
1. Large, detached homes
There’s been a surge in the number of detached properties entering the Melbourne market over recent months, data from the Real Estate Institute of Victoria (REIV) reveals. Buyers are keen to invest wherever they can, which has led to the average price of four to six-bedroom homes steadily increasing.
There’s always going to be a place in the Melbourne property market for apartments
REIV figures show that during the 12 months to June 30, a total of 963 five-bedroom properties were sold throughout Melbourne’s middle suburbs, which compared to 768 during the previous year. Meanwhile, there was a 7 per cent rise in four-bedroom house sales in the city’s outer suburbs.
- Heritage properties
There has been an upswing in demand for heritage properties, although this hasn’t necessarily been limited to the past few years. Historical Advisor David Harvey explains that when people decide to move into older properties, they’re often keen to do whatever possible to preserve them.
Melbourne has several different house styles available, so if you’re interested in Ivanhoe real estate, there’s potential to find something with a little history behind it.
- Apartments still find favour
Of course, there’s always going to be a place in the Melbourne property market for apartments. Statistics from the City of Melbourne show as many as 70 per cent of the area’s residents live in apartments, not least because of the lack of available land.
Whether you decide to move into a standard apartment or a strata scheme, make sure you do your research into local property prices before moving to Melbourne.
What property types are most popular when moving to Melbourne?
- Investment properties
As the Melbourne market goes from strength to strength, it’s not only owner occupiers who are keen to make the most of current conditions. Latest SQM Research data shows the city’s vacancy rate stood at just 2.3 per cent in July, showing there is plenty of demand for property.
No matter whether you’re hoping to move into a home of your own or invest in one of Melbourne’s high-growth suburbs, make sure you speak to the experts at Nelson Alexander. We’ve been pairing people with their ideal real estate since 1971 and have a sound knowledge of the local market.