Tower of strength
Affordable inner-city apartments are being snapped up.
Buoyed by the first home buyers’ boost and the lowest interest rates for 50 years, agents marketing inner-city apartments valued below $500,000 have reported their best couple of trading months since late 2007.
In several areas of the near and inner city during April the clearance rate of units reached 100per cent. Admittedly, this figure relates to low stock levels relative to previous years but it is, nevertheless, an exceptional result.
Apartments in the right price sector that had been lagging on agency books for five or so months have suddenly been selling, and Philip Middlemiss, of Stockdale & Leggo Melbourne, says that buyer inquiry levels are also at a three-year high. "We had a huge clearance in April."