Competition for apartments set to skyrocket in the east
Ever heard of the term “Boollennial?”
According to last year’s Architecture and Design Forecast, the phrase refers to the combined demand from Baby Boomers and Millennials who desire an urban lifestyle living in an apartment.
Basically, it’s what we’re seeing in Melbourne’s east – young couples wanting to make their move in the property market by buying an apartment in Melbourne's east but are facing stiff competition from the rising numbers of baby boomers looking to downsize.
We're expecting to see a surge in interest in Glen Waverly, Blackburn and Ringwood, and with both groups wanting affordable housing that is easy to maintain, they will be driving demand for apartments in new developments which are close to major train stations, shopping centres and parks. For instance in Ringwood alone, there’s 300 apartments are under construction while another 800 apartments have been approved by Maroondah Council.
Apart from the surge in apartment demand, there’s three other key trends we’re seeing across the Eastern region:
- Buyers seek fixer-uppers: With stock numbers remaining low in the east many potential buyers – including investors and second home buyers - are looking for homes with renovation potential.
- Schools are still a major draw card: The demand for private and public education continues to be a major factor, with many young families eyeing a move to the east to prepare for their child's future.
- It's all about the land: The increased interest in the east has also driven land sales for those looking to build single or multiple homes, particularly by investors looking to capitalise on the demand for more property.
With house prices increasing in the east alongside growing demand, there's never been a better time to put your home on the market.