{"id":3054,"date":"2022-07-13T04:34:03","date_gmt":"2022-07-13T04:34:03","guid":{"rendered":"https:\/\/royabhishek.in\/urbanbuyer\/enigmatic-inner-city-melbourne-unit-market-defies-national-trends\/"},"modified":"2022-07-13T04:34:03","modified_gmt":"2022-07-13T04:34:03","slug":"enigmatic-inner-city-melbourne-unit-market-defies-national-trends","status":"publish","type":"post","link":"https:\/\/royabhishek.in\/urbanbuyer\/enigmatic-inner-city-melbourne-unit-market-defies-national-trends\/","title":{"rendered":"Enigmatic inner city Melbourne unit market defies national trends"},"content":{"rendered":"

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The oversupplied Melbourne unit market is seemingly the immovable rock in the turbulent seas of the Australian property market.<\/p>\n

When prices soared around the country, the inner city and surrounding unit market in Melbourne remained stubbornly unmoved.<\/p>\n

As the waves now start to crash over national property prices, this market appears likely to weather the storm as well as anywhere.<\/p>\n

Driven by rising rental yields<\/a> and a shift in pricing trends towards units outperforming\u00a0houses<\/a>, the Melbourne apartment market remains an enigma within the wider market.<\/p>\n

Investors are making a tentative return to the area but local realtors are reluctant to predict which way this outlier of a market will go.<\/p>\n

There is diversity within an area that encompasses the CBD<\/a>, Jolimont, Docklands<\/a>\u00a0(including NewQuay)<\/span>, Southbank<\/a>, South Melbourne<\/a>, Port Melbourne<\/a>, North Melbourne<\/a>, Carlton<\/a>, and east to East Melbourne<\/a>, Richmond<\/a>, Cremorne<\/a>, South Yarra<\/a> and Prahran<\/a>.<\/p>\n

Director of Inner Real Estate, Anthony Cimino, told API Magazine<\/em> there are still pockets of front-facing opportunity for investors, like inner city Melbourne apartments where rental yields have almost doubled in the first half of 2022.<\/p>\n

\u201cWe always knew the rental recovery was going to be good in Melbourne but no-one anticipated it to be this quick and this sharp,\u201d he said.<\/p>\n

\u201cIf you signed a lease in January, you\u2019re signing pre-covid rent – if you\u2019re signing a lease in February you\u2019re signing it for 40 per cent more, so we\u2019re pretty much back to pre-pandemic rental prices in the space of a couple of months.\u201d<\/p>\n

He cited the example of a recently sold $300,000 two-bed, one-bath, 50sqm apartment on Lonsdale Street in the CBD.<\/p>\n

\u201cRent was $250 a week, you\u2019d now be getting $480 a week, so there\u2019s a 20 per cent gain that you could make in the purchase price potentially.<\/p>\n

\u201cInvestors have sort of fled but now there\u2019s some good opportunities to pick up along the way.<\/p>\n

\u201cWe signed contracts recently on a place on Swanton Street (in the CBD) for a two-bed for $210,000 for 48sqm, so that\u2019s good buying, that\u2019ll rent out mid- to high $400s per week,\u201d Mr Cimino said.<\/p>\n

International parallels<\/strong><\/p>\n

Fleeing investors have left gaps in the market but Pavilion Property real estate agent Grant Henschke is adamant there\u2019s historical evidence Melbourne\u2019s rental market can pay dividends.<\/p>\n

\u201cGenerally, when you\u2019re dealing with investors, when there\u2019s bad news on interest rates<\/a>, it\u2019s usually good news for rents.<\/p>\n

\u201cIf they\u2019re not buying, they\u2019re renting, generally speaking.<\/p>\n

\u201cThe only place when that\u2019s different is a hot market, like in London back in the day when you might see 7 per cent rental yield and property prices treble in 10 years but that\u2019s because you had a large influx in people.<\/p>\n

\u201cYou saw the same thing in Dubai, but you also see the worst-case scenario which is what everyone thinks is going to happen, and that is, the property prices are going to go down, and rents are going to go down, and the only way that\u2019s going to happen is if everyone leaves.<\/p>\n

\u201cWhen the Global Financial Crisis hit Dubai and property prices fell, the workforce largely employed on short-term contracts also left and rents fell too.<\/p>\n

\u201cIn Melbourne, a lot of people will find themselves stuck renting but they’re not leaving.<\/p>\n

\u201cIf you\u2019re talking more entry-level housing, first- and second-time buyer opportunities it\u2019s harder to borrow the money.<\/p>\n

\u201cA lot of these people go, \u2018I\u2019ll wait for prices to cool off then I\u2019ll buy\u2019, then interest rates go up and banks pull the mortgage products then those buyers can\u2019t get into the market even though they\u2019re waiting for the price to cool, and finance goes against them so they\u2019re stuck renting.<\/p>\n

\u201cI\u2019m sure that rents will pick up because there\u2019s less people buying.\u201d<\/p>\n

No crystal ball<\/strong><\/p>\n

According to SQM Research, capital city asking house prices fell<\/a> 2.3 per cent over the month to 1 July, while unit prices rose 0.6 per cent.<\/p>\n

\u201cThere are good investment opportunities out there for people who have equity they\u2019ve built up in their principal place of residence, because rents have come back,\u201d said Mr Cimino, whose agency predominantly works in Southbank, Docklands, St Kilda Road and around Melbourne CBD.<\/p>\n

He hesitates, however, to forecast what\u2019s ahead.<\/p>\n

\u201cI\u2019ve given up looking into the crystal ball.<\/p>\n

\u201cI look into the past and the one thing that has always been apparent, and this story I say to a lot of my owners; I had a client 12 years ago, was a lady who wanted to sell property on Flinders Street, and she\u2019d say what\u2019s it worth, and it was $290,000 to $310,000.<\/p>\n

\u201cWe sold it last year for $305,000 and every year we\u2019d talk and it was $290,000-$310,000, it was always the same.<\/p>\n

\u201cThere were some years it might gone down to $275,000-$290,000 and some when it went to $310,000-$330,000, but pretty much over the 11-year period, it stayed relatively the same.<\/p>\n

\u201cThat\u2019s our market, because you\u2019ve got new buildings being built so the supply\u2019s always there whenever there\u2019s a bit more of a demand, it\u2019s squashed with more supply,\u201d he said.<\/p>\n

\u201cIt\u2019s a bugbear of mine.\u201d<\/span><\/p>\n

Foreign buyer constraints<\/strong><\/p>\n

Much has been made of international students returning to Melbourne and overseas migration opening up.<\/p>\n

But it may not be the silver bullet<\/a> for inner city Melbourne property.<\/p>\n

\u201cMy belief is why sell land when you can sell airspace off overseas and open it up, but our market is limited to selling to permanent residents, citizens,\u201d Mr Cimino said.<\/p>\n

\u201cWe can\u2019t sell our established properties overseas unless there\u2019s FIRB (Foreign Investment Review Board) approval.\u201d<\/p>\n

Mr Cimino says most apartment listings are investors who have held properties for a number of years who want to sell out of the market, while on the other hand the majority of buyers are owner-occupiers.<\/p>\n

We never saw apartments go up say 20 per cent; pre-covid is pretty much what they\u2019re selling for now<\/span>.<\/p><\/blockquote>\n

– Anthony Cimino, Director, Inner Real Estate\u00a0\u00a0<\/span><\/p>\n

\u201cThere\u2019s been a real big shift to the owner-occupier market, mainly first-home buyers seeing value in the one and two-bedroom market.<\/p>\n

\u201cYou can still buy a one-bedroom apartment without a car park, in the sort of low $300,000s, and with a car park<\/a>, in mid to high $300,000s, and then a two-bedroom can raise you to $400,000 to $600,000 depending on size, car parking etcetera, so it still amounts to good value.\u201d<\/p>\n

The types of properties being sold has also changed. University lodges and investment grade apartments are harder to move compared to owner-occupied apartments.<\/p>\n

Typical of inner Melbourne, there continues to be an oversupply, with more listings hitting the market than buyers.<\/p>\n

\u201cDemand has always stayed about the same.<\/p>\n

\u201cI do a weekly email that I send out to clients that I\u2019ve done appraisals for, they\u2019re those people that are going to list in the next 30-90 days, so I can send them a list of every apartment that gets listed in the last seven days and sold in the last seven days.<\/p>\n

\u201cLast week when I sent it out, there were 26 apartments in Melbourne\u2019s 3000 post code and nine sales.<\/p>\n

\u201cAt the start of the year it was probably 15 or 16 apartments listed, and probably 13 or 14 sales being made, so pretty much everything being listed was being cleared.<\/p>\n

\u201cIt was close to one for one and now it\u2019s one in two, so the market has contracted again in terms of people that are looking at buying, and also there\u2019s been a bit of an influx in people wanting to sell because of interest rate pressures, and that sort of thing have filtered through.\u201d<\/p>\n

Mr Cimino said his was a bit of an abnormal market.<\/p>\n

\u201cWe never saw a boom, we never saw apartments go up say 20 per cent; pre-covid is pretty much what they\u2019re selling for now.\u201d<\/p>\n<\/p><\/div>\n

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[ad_1] The oversupplied Melbourne unit market is seemingly the immovable rock in the turbulent seas of the Australian property market. When prices soared around the country, the inner city and surrounding unit market in Melbourne remained stubbornly unmoved. 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