- Originally posted by obiwan:
Derek, last time I looked newly completed/previously untenanted melbourne inner-city apartment market (CBD, Docklands, St Kilda Rd and Southbank) vacancy rate was 10%+. This has been fluctuating from 7-10%+ for the last 2 years.
The proportion of investors is from memory over 40%. There is still a lot of supply due for release until late 2005. In my opinion prices may not stabilise until after this or may even crater a bit if people who have been holding on start to dump. This may have a flow on effect to substitutes (inner city terraces/houses, middle ring) properties).
i,ve recently tried to lease a unit at docklands, thinking i,d get a bargain because occupency rates are so low….i was informed that there is only 5 two bed apartments for lease in the 5 high rises…? when i did make several offers i was informed that as this didn,t cover the owners morgage …no deal…i said not my problem if there over valued and over supplied…2006 will see many more high rise projects begin in the area…
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