Apartments in Melbourne suburbs sell for millions

May 16, 2017 by  

Apartments in the eastern suburbs of Melbourne are changing hands for million-dollar sums.

The accommodation in the outer parts of the city is sometimes as costly as homes within its core, and the suburbs of Melbourne are not all about low-density housing these days. Full colour printing from Croydon may be used to showcase the flats in question.

Demonstrating the area’s allure, a penthouse in Ringwood was recently sold for nearly $2.5m. Rob Westwood, an estate agent, explained:

“[Apartments] are becoming more predominant because of rising land cost, due to first home buyers and investors being so busy in the market.”

Westwood said that many of the new apartment dwellers are local people. He noted that a shortage of suitable houses had made the flats even more popular than they would otherwise have been. One theory is that parents who have adult children are keen on flats with pleasant views and low maintenance. It can also be convenient for people to remain in a city where they know the infrastructure.

If buyers are flexible about location, they can still buy family homes in the suburbs of Melbourne. For example, a Werribee property could change hands for half a million dollars. Nevertheless, if the purchasers were prepared to pay more, they could obtain a three-bedroom flat in the vicinity. This might afford splendid views of the Werribee River.