Green Light For Greystar’s BTR Melbourne Project
Construction is set to commence early 2022.
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Australia’s build-to-rent sector just received a powerful shot in the arm with US developer Greystar receiving the green light on its latest Melbourne project.
Set to be the country’s largest BTR project, the $500 million project in the upmarket local of South Yarra, in Melbourne’s inner east, hopes to start building in early 2022.
Greystar has put together a $1.3 billion fund, of which this development is the first.
Comprising of 625 apartments the South Yarra project is one of two projects in the Greystar Australia Multifamily Venture 1 fund. The fund has ambitions to build 5000 or more dwellings.
The project has procured the talents of renowned architecture firm Fender Katsalidis in South Yarra’s Forrest Hill precinct, the project will see two towers over a combined basement, ground-level retail and laneway links to South Yarra train station.
The first 30-storey tower, located on Yarra Street, is to be comprised of 382 apartments and 2000sqm of office space while the second 21-storey building on Claremont Street will house 243 apartments.
The commencement of the project is in line with a 50% land tax break for BTR projects that is due to commence net year under a state government incentive.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
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
Scheduled auctions fall to winter levels as vendors hold back on going to market
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Grand final fever and the long weekend have dampened scheduled auction activity this weekend, CoreLogic reports.
The number of homes scheduled for auction this weekend is set to halve, with 1,324 properties listed, marking the quietest week since mid June. Melbourne will experience the quietest week since Easter, CoreLogic data shows, with 223 homes prepared to go under the hammer. In Sydney, 805 properties are expected to go to market, the lowest number in seven weeks.
With long weekends in Queensland and South Australia, numbers are also down in Brisbane (111) and Adelaide (86), less than half the properties available for auction the previous week. It’s a less dramatic drop in Canberra, where 83 homes are scheduled for auction, down -22.4 percent on the previous week.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
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
