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Email this to a friendMelbourne city apartment boom flourishes
Andrew WilsonJune 27, 2011
Melbourne's love affair with inner-city apartment living is set to continue. Photo: Luis Enrique Ascui
The boom in new apartments in Melbourne is continuing, with ABS data showing record numbers of building approvals for units are being converted into actual projects.
This is despite concerns in some quarters that approved developments were failing either to gain finance or to secure enough off-the-plan presales for construction to commence.
In the March quarter this year, 5168 units commenced construction in Victoria - second only to the record set in the September quarter of 2010 for 5998 unit commencements.
Melbourne's love affair with inner-city apartment living is set to continue. In the 10 months between July 2010 and May 2011, 20,213 units were approved for building in Melbourne. Of these, 9532 units or nearly half are planned for the inner-city area.
The Southbank and Dockland precincts accounted for 2020 apartment approvals, the central business district area 1211 approvals and in the Prahran district, 1487 apartments were approved for building.
The surge in inner-city apartment development reflects a growing demand from buyers for this lifestyle choice and is generating substantial activity for the Victorian construction industry with significant economic benefits for the wider community.
Dr Andrew Wilson is senior economist for the Fairfax Media-owned Australian Property Monitors.