Why all units and apartments in Melbourne are not the same

Why all units and apartments in Melbourne are not the sameThe top 10 list of suburbs ranked by sales of medium and high density homes is understandably dominated by the inner city but does contain two interesting exceptions.

The highest number of unit and apartment sales in one suburb over the 12 months ending July according to the RP Data Suburb Scorecard was Melbourne with 1,045 transactions. It was followed by the more expensive suburb of Southbank with 596, then St Kilda, South Yarra and Docklands.

Of the top 5 most transacted unit suburbs, Docklands is the most expensive with a median sale price of $590,000 and interestingly it is the only suburb out of the top five where the median unit price has fallen over the past year.

The two suburbs that don’t follow the theme of being in the inner city are the much more affordable Frankston and Reservoir. In these suburbs not only are the units more affordable, with a median of $270,000 and $358,000 respectively, but they are a very different type of home compared to what is found in the inner city. They tend to have lower density and in that way are representative of very different unit and apartment market than which is commonly seen in the inner city.

For buyers this is important information as it means you can’t simply compare suburbs on unit data alone. There are very divergent styles of homes within the unit and apartment category across Melbourne and they need to be assessed on an individual basis.

Robert Larocca
RP Data Victoria Housing Market Specialist

About Robert Larocca

Robert Larocca has built a profile over the past eight years as an expert on the Victorian residential property market. He worked for the REIV both directly and as a consultant over 8 years acting as a spokesperson, managing its research department and public policy. He has been a media and government relations consultant and spent a decade working across the three levels of government including as a Councillor and Mayor in the City of Moreland. He has well developed leadership skills in the not for profit sector and has been the Chairperson of CERES Community Environment Park for 9 years.

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