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A Review of Melbourne Apartment Projects: Those Marketed; Those Canned

Wrap Southbank

INCENTIVES offered to stimulate apartment construction during the economic downturn, such as record low interest rates, and first home owner grants, have resulted in some of the city’s biggest, boldest apartment-based projects being offered to the market.

But not all developers could get their projects out of the ground.

Domain took a look at some of the more ambitious redevelopment proposals launched, and canned, since its last Apartment Guide, in Spring 2010:

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Are Melbourne Apartments Still a Safe Investment?

melbourne cbd

So now what?

After nine years adopting the previous state government’s hugely contentious Melbourne 2030 planning policy – the city’s development landscape is set to change, and apartments may be on the nose.

In one of its first official acts - and as it promised to do before the November 21 election - the Baillieu government has destroyed Labor government planning laws facilitating higher density redevelopment (ie, over three storeys) along all public transport nodes.

In Opposition, Planning Minister Matthew Guy said Melbourne risked becoming dysfunctional, and losing its character permanently, unless suburban apartment construction was curbed.

In power, Mr Guy has committed to a two year audit and consultation program to determine a new model of metropolitan planning.

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Sell or Extend?

wood planks

ACCOUNTANTS say it can make financial sense to reinvest in your home, than buying another - particularly if you are in a good suburb.

Agents agree, saying the value of property goes up by more than the sum of its parts when owners reinvest in extensions, kitchen and bathroom renovations, paint and flooring.  Coupled with the fact the tax office does not impose capital gains tax on an owner’s main place of residence, investing in your own home sometimes make more sense than buying another.

An extension has the potential to add the greatest value to your home, particularly if it creates a larger open-plan living area or increases the number of bedrooms.

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Spring 2009 Property Review: Melbourne

Melbourne

MelbourneIT’s difficult not to draw parallels between the current Spring selling season, and that of 2007 when Melbourne was heading into a boom.
 
Now, like then, weekly clearance rates are over 80 per cent where they have been for months.
 
Auctions are well attended, too, and properties are consistently selling for more than their reserve prices – in part because of low interest rates luring prospective buyers to the market.

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