NewQuay Bucks Investment Trends
Rental demand in NewQuay is booming.
“We are in the peak of the market right now and demand in NewQuay is stronger than ever,” said Lucas Real Estate’s Director of Property Management, Dylan Emmett.
While sceptical commentators are warning investors of an ‘over supply’ of off-the-plan apartments, evidence from NewQuay’s real estate agents tells a different story.
“Demand for 1 and 2 bedroom apartments remains incredibly high” continued Emmett, “and our vacancy rate has been below 1% since early 2017.”
Associate Director at Barry Plant Docklands, Steven Heaven, has seen similar results with one bedroom apartments leasing within 48 hours of hitting the rental market.
Despite the large number of settlements in Docklands and the CBD over the last 18 months, there is still ‘a mile long list of prospective tenants wanting to lease’ according to Heaven.
In 2018, apartment completions are likely to be down 80% compared to last year. As undeveloped land around Docklands becomes scarce, lower levels of new supply will only increase competition for rental properties – which is good news for rental yields.
Research by CoreLogic, published in the February 10-11 edition of The Weekend Australian lists Docklands as the most affordable suburb within 10kms of the Melbourne CBD, with a median price of $561,977.
With one bedroom apartments at NewQuay starting from $399,000, now seem like the perfect time to invest. Talk to one of our NewQuay sales consultants today about MAB’s investor packages and finding the perfect investment.
Call us on 1300 137 590 or visit at 24 NewQuay Promenade, Docklands, Wednesday – Monday, 10am to 5pm.