APARTMENTS with high amenity in Melbourne’s inner west are gaining the attention of homeowners in the outer suburbs, according to developer Growland.
The company’s chief executive, Ronald Chan, said phase one of Victoria Square, its six-tower $600 million masterplanned precinct in Footscray, had significant interest from Caroline Springs, Sunshine and St Albans, with homeowners looking to upgrade their properties and move into Melbourne’s inner ring.
“We are finding our buyers are looking for residences to support their idea of modern living — beautiful apartments surrounded by extensive food, entertainment and retail options that are only a short journey from the CBD,” Mr Chan said.
“Interestingly, we are seeing a substantial number of buyers trade their suburban home that might be 25km from the CBD for one of Victoria Square’s inner-ring apartments, such is the strength of these lifestyle drawcards.
“This reaffirms to us that buyer sentiment is changing rapidly.
“Five years ago, the overwhelming majority of buyers were keen to settle down into a family home and traded location for a big backyard.
“Now we’re seeing depth in the market, while this dream still exists, a strong segment of the market is recognising the inherent value in an inner-city apartment thanks to the incredible lifestyle convenience and amenity it can offer.”
Traditionally recognised as a working class suburb, Footscray was in the midst of change, with savvy buyers recognising the value the suburb offered, Mr Chan said.
CoreLogic data shows the median house price has grown 50.9 per cent to $800,000 and the median unit price has grown 26 per cent to $400,650 in the past five years.