Buyers move into Central Equity's completed Melbourne CBD-fringe apartment development Parkhill
Recently completed projects across Melbourne are dominating buyer enquiry at present. They offer an easy entry to the new apartment space, and they are providing different opportunities for a number of market segments.
The most recent to benefit is prominent CBD and inner city developer Central Equity, who are just completing their newest apartment project, Parkhill, and have just started welcoming residents.
The 20-level tower is attracting both first home buyers, who are wanting to move away from renting due to the current tight rental market, as well as investors, who are looking for those high yield apartments which also offer significantly higher depreciation tax benefits compared to older units.
Central Equity Marketing Manager Jeremy Vile says buyers are likely to pay more for future new apartment projects because of rising construction costs and land values.
"We're offering brand new, two-bedroom apartments in the low $600,000's, which is a price that is going to be hard to replicate given the increased cost of both construction and land values," he says.
There's a mix of one and two bedroom apartments on offer in Parkhill.
He also says having the value add of a completed apartment has seen buyer demand increase in the last few months.
"In this market, people are looking for certainty," he added.
"People want to see the finished apartments and walk through them”
"For the most part, renters are walking through and they're either living or renting something older in the heart of the city. Parkhill gives them the opportunity to upgrade to something brand new, in a location which offers something different to inner-city living."
Vile says the location is one of the key drivers in buyer demand.
"While we're a CBD address, we're at the north end of Spencer Street, next to Flagstaff Gardens, which brings with it a quieter lifestyle than being in the heart of the city.
"It's a bit of an educational pocket. A little north of Parkhill are secondary and government schools, while campuses for RMIT, Melbourne University, and William Angliss, are either within walking distance or a short tram ride away."
Jeremy Vile says the designs at Parkhill were well considered for the end user from inception.
“Central Equity have embraced the State Governments Better Apartment Guidelines and we've looked at how people want to live”.
"All of our ceiling heights are nearly three metres, and we've matched that with large floor-to-ceiling glass walls to allow as much natural light in as possible and give a spacious feel."
There was even consideration to make the balconies as useable as possible. Every apartment has an expansive balcony, located off the living space, which can fit a table and chairs enabling alfresco dining.
Central Equity’s experience over 35 years has been a key factor in the delivery of this quality project. Every detail down to the insulated walls and plumbing to keep noise levels at a minimum was considered. Apartments feature high quality fixtures and fittings, including Miele appliances and German tapware.
A big feature of Parkhill is the resident rooftop terrace which has a walking track which weaves around the whole roof. There is also a gym, barbecue facilities, seating, and stunning views toward the Bay, Docklands, and back to the city.
Central Equity started building Parkhill in late 2021, once they finished Melbourne Grand.
Central Equity are hosting a Preview Event at Parkhill 15th to the 25th of June onsite at 408 Spencer St, where prospective buyers can get the first look of Parkhill, tour fully-furnished display apartments, the rooftop resident facilities, and inspect a limited range of brand new apartments for sale.
