5 Melbourne CBD Apartments Under $1M
Stylish pads available in Melbourne’s CBD.
3 min
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
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
New research suggests spending 40 percent of household income on loan repayments is the new normal
3 min
Requiring more than 30 percent of household income to service a home loan has long been considered the benchmark for ‘housing stress’. Yet research shows it is becoming the new normal. The 2024 ANZ CoreLogic Housing Affordability Report reveals home loans on only 17 percent of homes are ‘serviceable’ if serviceability is limited to 30 percent of the median national household income.
Based on 40 percent of household income, just 37 percent of properties would be serviceable on a mortgage covering 80 percent of the purchase price. ANZ CoreLogic suggest 40 may be the new 30 when it comes to home loan serviceability. “Looking ahead, there is little prospect for the mortgage serviceability indicator to move back into the 30 percent range any time soon,” says the report.
“This is because the cash rate is not expected to be cut until late 2024, and home values have continued to rise, even amid relatively high interest rate settings.” ANZ CoreLogic estimate that home loan rates would have to fall to about 4.7 percent to bring serviceability under 40 percent.
CoreLogic has broken down the actual household income required to service a home loan on a 6.27 percent interest rate for an 80 percent loan based on current median house and unit values in each capital city. As expected, affordability is worst in the most expensive property market, Sydney.
Sydney
Sydney’s median house price is $1,414,229 and the median unit price is $839,344.
Based on 40 percent serviceability, households need a total income of $211,456 to afford a home loan for a house and $125,499 for a unit. The city’s actual median household income is $120,554.
Melbourne
Melbourne’s median house price is $935,049 and the median apartment price is $612,906.
Based on 40 percent serviceability, households need a total income of $139,809 to afford a home loan for a house and $91,642 for a unit. The city’s actual median household income is $110,324.
Brisbane
Brisbane’s median house price is $909,988 and the median unit price is $587,793.
Based on 40 percent serviceability, households need a total income of $136,062 to afford a home loan for a house and $87,887 for a unit. The city’s actual median household income is $107,243.
Adelaide
Adelaide’s median house price is $785,971 and the median apartment price is $504,799.
Based on 40 percent serviceability, households need a total income of $117,519 to afford a home loan for a house and $75,478 for a unit. The city’s actual median household income is $89,806.
Perth
Perth’s median house price is $735,276 and the median unit price is $495,360.
Based on 40 percent serviceability, households need a total income of $109,939 to afford a home loan for a house and $74,066 for a unit. The city’s actual median household income is $108,057.
Hobart
Hobart’s median house price is $692,951 and the median apartment price is $522,258.
Based on 40 percent serviceability, households need a total income of $103,610 to afford a home loan for a house and $78,088 for a unit. The city’s actual median household income is $89,515.
Darwin
Darwin’s median house price is $573,498 and the median unit price is $367,716.
Based on 40 percent serviceability, households need a total income of $85,750 to afford a home loan for a house and $54,981 for a unit. The city’s actual median household income is $126,193.
Canberra
Canberra’s median house price is $964,136 and the median apartment price is $585,057.
Based on 40 percent serviceability, households need a total income of $144,158 to afford a home loan for a house and $87,478 for a unit. The city’s actual median household income is $137,760.
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This stylish family home combines a classic palette and finishes with a flexible floorplan
