The vacancy rate for all MICM Property apartments is currently 1.9 per cent, a far cry from recent figures showing the overall Melbourne vacancy rate at 3 per cent (SQM Research). This demonstrates the strength of the inner city apartment market, which operates as a different sector to the market in Melbourne in general.
Comprising largely young professionals aged between 25-35, this is a demographic that values a more convenient life close to all the work and social opportunities of the CBD and city fringe. With a flexible work/life balance sought by this group, an easily-maintained city home close to their work or to freeway access is just the lifestyle they’re looking for.
With its glorious riverside aspect, Southbank offers a peaceful residential setting within convenient walking distance to Melbourne’s world-class bars, restaurants, galleries and transport. It’s understandable why these apartments are greatly sought-after by singles and young couples.
For all of 2011, MICM Property’s vacancy rate hovered between 1.7-2.0 per cent, revealing consistent demand for apartments in the city and surrounding suburbs. With an uncertain, fluctuating housing market it’s a positive sign for investors in the lucrative inner city market.