5 Melbourne CBD Apartments Under $1M
Stylish pads available in Melbourne’s CBD.
Stylish pads available in Melbourne’s CBD.
1008/111 A’Beckett Street, Melbourne, VIC
Pinned in a perfect location that celebrates the very best of Melbourne CBD comes this dreamy residence.
With a feeling of space and unity presented upon entry, the oversized dwelling areas allow your arrival home to be relaxing and refreshing.
Here, the 3-bedroom, 2-bathroom, 1-car apartment presents quality craftsmanship and materials that reflect modern elegance, the kitchen with modern, natural stone, perforated metal, breathable interior and Mile appliances.
Elsewhere the residence sees world-class residential amenities such as the outdoor cinema, pool, spa and entertainment facilities.
The property is with Setia, $991,000; spsetia.com
1013/118 Franklin Street, Melbourne, VIC
Here, a modern sun-drenched penthouse apartment presents 3-bedrooms, 2-bathrooms and 2-car parking across 154sqm capped off with a 30sqm rooftop terrace.
The kitchen is stunningly finished, with a large, u-shaped granite benchtop complemented by the black tiled splashback and power points, and is equipped with European appliances.
The master bedroom also features oak flooring and a double corner robe providing you with plenty of storage. The plantation shutters can be retracted to combine the bedroom and retreat into a singular space.
Further, a master ensuite comes complete with marble flooring, tiles and splashback with the other three bedrooms well sized.
The listing is with Ray White Southbank & Port Phillip; $1m – $1.1m; raywhitesouthbank.com.au
27/300 King Street, Melbourne, VIC
A unique space in the heart of Melbourne’s CBD – this 2-bedroom, 2-bathroom, 1-car parking residence is filled with distinctive details.
As you enter this second-floor apartment one notices curved walls, high ceilings, sunken lounge room and intelligently designed flooring frames each living zone.
A central zone incorporates the kitchen with soft close drawers and stainless-steel appliances including a Fisher & Paykel double drawer dishwasher, SMEG oven, large 4 burner gas cooktop and unique illuminated stove splashback for that extra wow factor.
The luxurious master bedroom has generous proportions and is complemented by a large walk-in robe and ensuite complete with a double vanity and extra-large shower. The additional spacious bedroom, also contains a walk-in robe and the central bathroom features a shower, separate bath and stunning tile feature wall.
The listing is with Biggin & Scott, $880,000 – $950,000; bigginandscott.com.au
4102/38 Rose Lane, Melbourne, VIC
This 3-bedroom, 2-bathroom, 2-car garage residence immersed in Melbourne’s CBD offers a stylish, lock-and-leave lifestyle.
Spread with sleek oak floors the home features a semi-enclosed balcony with views extending from the Bolte Bridge to the Victoria Market.
The kitchen sees a contemporary finish with stone tops, glass splashback and a full appointment of appliances.
Three generous robed bedrooms form the accommodation, with a modern ensuite and study nook off the main bedroom.
Facilities within the complex include a swimming pool, spa, gym, steam room, garden and barbecue amenities.
The listing is with RT Edgar, POA; rtedgar.com
1105/108 Flinders Street, Melbourne, VIC
This superb apartment, located on the 11th floor, features split level entry with storage facilities and stairs leading up to a stylish, light-filled open-plan living area with timber flooring.
Inside the 2-bedroom, 2-bathroom, 1-car apartment sees a timber and white stone-topped kitchen with Miele appliances with views via full-height glazing and an intimate outdoor terrace balcony.
Features include a central bathroom, study, euro laundry, two well-appointed and carpeted bedrooms – each with mirrored built-in robes – while the master enjoys an ensuite.
Further, the complex is privy to a rooftop terrace, internal landscaped courtyard, resident’s lounge and gym.
The listing is with Core Realty, POA; corerealty.com
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Buying activity by companies fell in line with the decline in overall home sales amid higher borrowing costs
Investor buying of homes tumbled 30% in the third quarter, a sign that the rise in borrowing rates and high home prices that pushed traditional buyers to the sidelines are causing these firms to pull back, too.
Companies bought around 66,000 homes in the 40 markets tracked by real-estate brokerage Redfin during the third quarter, compared with 94,000 homes during the same quarter a year ago. The percentage decline in investor purchases was the largest in a quarter since the subprime crisis, save for the second quarter of 2020 when the pandemic shut down most home buying.
The investor pullback represents a turnaround from months ago when their purchases were still rising fast. These firms bought homes in record numbers last year and earlier this year, helping to supercharge the housing market.
Now, investors are reducing their buying activity in line with the decline in overall home sales, which have slumped with mortgage rates rising fast. But with investors’ large cash positions, and with big firms such as JPMorgan Chase & Co. planning to increase its exposure to the home-buying business, investors are poised to resume more aggressive buying when rates or home prices begin to ease.
These firms have seized on a pandemic-driven rise in demand for houses in suburban areas. These owners rented out the homes and increased rents on homes by double-digit percentages. By the first quarter of 2022, investors accounted for one in every five home purchases nationally.
But ballooning borrowing costs have kept investors from buying as much recently, said John Pawlowski, an analyst at Green Street. Buyers and sellers are also agreeing less often on pricing, stifling sales.
“It leads to a lot of people just putting down the pen,” Mr. Pawlowski said.
Rent growth has also begun to slow. Rents for single-family homes rose 10.1% year over year in September, down from 13.9% in April, according to housing data firm CoreLogic.
That rate of growth is still very high by historical standards, however, and much stronger than in the apartment market. Multifamily rent increases are now much lower by most measures. Near record-high rental prices are failing to attract as many new tenants, and demand in the third quarter fell to its lowest level in 13 years.
Demand for rental houses has held up better, in part because many of these homes are leased to relatively high-earning people who have found the for-sale market too expensive to buy, some analysts say.
That rent growth for single-family owners hasn’t translated into stock-market gains this year. Investors have lumped these owners in with home builders and sold many of them. Shares for the three largest publicly traded owners, Invitation Homes, American Homes 4 Rent and Tricon Residential, are each down more than 25% year to date, underperforming the S&P 500 over that period.
Rental landlords also face headwinds from rising property tax assessments that have come alongside enormous increases in home-price appreciation.
At the same time, large rental landlords are coming under greater scrutiny from federal and local governments. Congressional Democrats have hosted a series of hearings focused on eviction practices and rent increases. Three Congress members from California this month introduced a bill called the “Stop Wall Street Landlords Act,” which proposes levying new taxes on single-family landlords. It would prevent government-sponsored enterprises like Freddie Mac from acquiring and securitising their debt.
Many of the places where investors have eased purchasing are the same cities where they had counted for an outsize share of total sales. That includes Las Vegas and Phoenix, where investor sales dropped more than 44% in the third quarter compared with a year ago.
Fewer purchases by online house-flippers, or iBuyers, may have contributed to those declines, according to Redfin. Redfin decided to close its own home-flipping business, RedfinNow, earlier this month.
Nationally, investors still accounted for 17.5% of all home sales in the third quarter, a higher share than they held at any time before the pandemic, by Redfin’s count.
That share seems likely to rise again. Builders with unsold homes due to widespread cancellations by traditional buyers have been looking to sell in bulk to rental landlords.
Meanwhile, some institutional investors are now readying large funds to snap up homes. J.P. Morgan’s asset-management business said this month it had formed a joint venture with rental landlord Haven Realty Capital to purchase and develop $1 billion in houses. A unit of real-estate firm JLL’s LaSalle Investment Management, in partnership with the landlord Amherst Group, said it plans to buy $500 million of homes over the next two years.
Tricon has nearly $3 billion it plans to tap to buy and build homes. “We will lean in and deploy that capital when the time is right,” Tricon’s Chief Executive Gary Berman said on a November earnings call.
While a recession could bring down borrowing rates, it would likely be accompanied by higher unemployment, making it difficult for traditional buyers to take advantage, said Daryl Fairweather, Redfin’s chief economist. For investors, however, that could offer an opportunity to acquire homes at favourable prices.
“An investor may have more resources to jump in at exactly the moment when rates decline,” Ms. Fairweather said.
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