Property Developers Build Up Melbourne

melbourneSoon after John Key was re-elected the prime minister he suggested first home buyers look at purchasing an apartment as their first home.

Arguably it was not a bad call either given Apartments do offer first home buyers that chance to get on the property ladder. It can shift local demand to where there is supply too especially in Auckland where demand really has outstripped supply.

In Melbourne Property Developers are building high rise apartment towers by the dozen – and at an unprecedented level according to an article in NZHerald.

Melbourne’s apartment boom is due to a high interest from locals moving into the city and offshore buyers looking to improve their lifestyle.

Melbourne like Auckland has a growing population. Arguably Melbourne is responding faster with 91,000 apartments planned or in construction.

While some developers worry demand won’t meet supply the apartment developments need a certain number of pre-sales to get funding.

Locals not wanting to move further and further out of the city are adapting to apartment life in Melbourne. Back here in New Zealand are we looking at what will happen here particularly in Auckland? Our roading and public transport infrastructure is nowhere as good as Melbourne’s – yet our answer is building more homes in the outer suburbs requiring lengthy commutes to and from work.

Maybe Auckland city needs to consider the development of more inner-city apartment towers to satisfy demand that not only currently exists but will come as locals get fed up with lengthy daily travelling times.

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