Property affordability – Melbourne

Property affordability - melbourne

Apartments are taking over as the favoured style of living for the younger generation in Melbourne. Due to the preferred style of living for tenants, inner-city apartments make smart investment properties.

Apartments are also generally lower in entry costs and are therefore the preferred choice for many first home buyers. Buying new or off the plan apartments is also becoming increasingly popular due to the governments first homeowners grant only applying to new homes.

It is easy to see why apartments are becoming so popular amongst Melburnians when you compare housing prices to unit prices. have put together the property prices for multiple locations throughout Melbourne.

Location House Unit
St Kilda Buy $1,445,000
Rent $650 per week
Buy $504,500
Rent $420 per week
Geelong Buy $770,000
Rent $410 per week
Buy $555,000
Rent $380 per week
Torquay Buy $805,000
Rent $520 per week
Buy $610,000
Rent $450 per week
Ballarat Buy $477,500
Rent $323 per week
Buy $270,000
Rent $270 per week
South Yarra Buy $1,612,500
Rent $720 per week
Buy $570,000
Rent $460 per week
Coburg Buy $912,000
Rent $520 per week
Buy $538,750
Rent $405 per week
Footscray Buy $790,000
Rent $480 per week
Buy $397,000
Rent $365 per week

The Melbourne property market has already seen some property prices increase in value by considerable amounts in some areas. The recent cash rate drop introduced by the Reserve Bank of Australia has presented signs that they are having a positive impact on housing market conditions.

Melbourne property prices are predicted to increase by 7 per cent in 2020 and a further 7.8 per cent in 2021.

Melbourne is ranked as one of the 10 fastest-growing large cities in the developer industry. Within the next 4 years, the city’s population is likely to increase by 10%.

If you are a developer working in the Melbourne area, contact SSKB’s Developer Consultancy by clicking here.

We work with Australia’s leading developers to bring to life many iconic and landmark projects including high-rise projects, townhouses, strata schemes, community title subdivisions, integrated resort communities and mixed-use development schemes.
Talk to our team today to discover how SSKB Developer Consultancy can minimise developer risk and increase profit margins.