The apartment market throughout Melbourne CBD is ever evolving. There are some great investments and some pretty average ones and it’s hard to pick between the two. A good rule of thumb is to only buy in buildings that have a history. Generally, the older the better, the heritage market is quite strong now.
The reason why you want a history in a building is so you can research the results back to the beginning. You want to be able to follow the trends through strong markets and the low. By conducting this research, you should find sound reasoning into which properties are worth investing into and which ones to stay clear of.
Any newly built properties or off the plan, I would stay away from. They are subject to dropping off in price early on in their development and it’s hard to place on whether they will have a strong growth spurt after. These are the riskiest properties to invest into and are the properties that I sell at a lost for clients who can’t wait out for the gains.
The CBD property market is like any other, it’s worth investing into for your future, though because there are so many buildings, you just have to do more research. Though if you get it right, the future is looking very bright for Melbourne CBD and it’s well worth taking the time to look into and securing a property or two.
The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.