The Residential Apartment Boom In Melbourne

Australia is one of the most popular countries for immigrants all over the world, especially Asian countries like India, China, due to its liberal immigration policy and many opportunities. As a result the population of most the major cities in Australia, like Melbourne is increasing, and this makes purchasing residential apartments Melbourne an attractive option for real estate investors in the city as well as those who are interested in purchasing a home where they would wish to stay with their families. There are many considerations for real estate investors as well as those who wish to purchase a home for their own use.

One of the considerations while purchasing a home is the size of the apartment and location. Usually larger apartments located in prime areas of Melbourne are likely to be more expensive compared to smaller apartments located in the suburbs. However couples who are just married are likely to purchase or rent a smaller apartment, and later upgrade to a larger apartment as they start a family and their income increases . As a result there is a greater demand for larger residential apartments Melbourne, and most builders in the city and surrounding areas, have apartments which have two bedrooms or more. For information on new apartments for sale in Monash in Melbourne – visit http://m-city.com.au/ for melbourne apartments

Many real estate investors from Australia and other countries are preferring to purchase the residential apartment when the construction project will just begin as the rates are usually lower. When the construction of the residential apartment is complete, they will either rent it or sell it for a profit. Usually newly constructed homes, which are not used before are commanding a premium, as the new buyer does not have to make any repairs, and the latest amenities are used. So there are many investors, especially from China who are purchasing apartments in construction projects which have just started, indicating that they are confident of getting good returns on their investment.

Rental apartments in Melbourne are also in demand due to the increasing number of people who have just moved into the city or are in the city for a few years, like students from other cities and countries, employees with transferable jobs. Real estate experts have indicated that the number of rental properties available in Melbourne have decreased, so investing in new residential apartments can be an attractive option, for those who are looking for steady monthly rental income. When property prices will increase, or during a financial emergency the apartment can also be sold if required.

The construction of new residential apartments is regulated to some extent by the local licensing authorities. Based on data available, the local government authorities have sanctioned approval of fewer residential projects in the last few years. As a result, there are likely to be fewer apartments available for rent or resale, and if the growth of Melbourne, will continue at the same rate, the demand is likely to outstrip supply, resulting in an increase in real estate rates. So it is highly advisable for investors to invest their money in residential apartments in Melbourne, especially new projects