The last week or so has seen in the vicinity of 30 new medium to high-density residential entries added to the Urban Melbourne Project Database, along with numerous existing database listing upgrades as proponents of the next wave of apartment projects ready themselves for their respective sales campaigns.
In the course of adding these fresh projects it became evident that this 'next wave' of new apartment projects has Melbourne's suburbs in mind; certainly no tsunami but an appreciable shift toward more non-core localities. That is to say no new listings have been added for Docklands, Southbank or Melbourne's CBD.
The suburbs located within a 4-12 kilometre band of the CBD look to be the current sweet shop for developers seeking to deliver new apartment projects. Not all new listings are bound to this nominal bracket, yet the majority are.
New Urban Melbourne Project Database listings include the following locations within the nominated band:
|Rosny - Waterline Place||Williamstown|
|Major Anderson Apartments||Coburg|
|H A I||Armadale|
|688 High Street||Thornbury|
Beyond those suburbs listed above further projects have also announced themselves of late. Seen above are Canterbury Hill, 28-30 Warwick Avenue, Kubix Stage 2, Curlew and Whitehorse Towers which represent the next tranche of projects that are currently at sales or are about to embark upon their sales campaign. Surrey Hills, Springvale, Wantirna South, Doncaster and Box Hill are the represented suburbs.
There are greater attention grabbing suburban projects such as Sovereign Square Box Hill at 33 levels, yet if one project is representative of the change that has engulfed Melbourne's suburbs (in attitudes and planning outcomes) in recent years, it may just be Evergreen Ivanhoe. A project of this size in this locale was surely unfathomable a few short years ago, but as seen below the freshly revealed project looks set to take its place as Ivanhoe's largest high-density development.
As Kokoda Property Group's latest offering, Evergreen Ivanhoe at 8 levels will hold an impressive 157 apartments; by far and away the largest apartment development in Ivanhoe.
Much of 2014 has been subsumed both on Urban Melbourne and elsewhere with the indelible impression that Asian-backed property developers have made upon Melbourne. Only in the latter part of 2014 have local developers taken centre stage once more as the wave of large-scale inner-city apartment projects begins to be digested.
A obvious trend has emerged out of the latest Project Database listings whereby the vast majority of new and pending apartment developments are found in the middle and outer suburbs of Melbourne. Although only a few of the many variables that form the current Melbourne apartment market dynamic, a handful of likely factors that may contribute to the wider spread of upcoming apartment projects include:
With the influx of new apartment development listings it seems that while the CBD and inner-city apartment market may be pausing to subsume the high number of apartments under construction or at sales, the suburban apartment market has surged ahead... and the overall Melbourne apartment sector marches on!