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Look east for Melbourne’s best locations to buy an apartment

Posted by admin on February 29, 2016
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160208-Long-House-Presentation-9 Suburbs nestled in Melbourne’s inner-eastern school belt have long been understood to be a safe bet for houses, but it’s now also hailed an apartment hot spot. The prestigious suburbs of Kew, Hawthorn, Camberwell, Balwyn and North Balwyn were identified by Andrew Leoncelli, managing director at CBRE residential projects, as the best locations to buy at a VIP market update seminar on Thursday night. Doncaster and Doncaster East were tipped as the next emerging suburbs. Mr. Leoncelli said these areas had large family homes, traditionally very expensive houses and not a lot of apartments. But a shift is coming. Mr. Leoncelli said it was estimated that 66 per cent of all dwellings in the eastern suburbs would be apartments or townhouses by 2050. As houses become more expensive in the sought-after suburbs, there would be growing demand for apartments as buyers look for a cheaper option. “There is no more land in Kew, there is no more land in Hawthorn that will be opened up for houses, so naturally it has to change,” he said. ”The downsizers are now about 10 to 15 per cent of fake watches all people that we sell to, the three-bedroom market is going to double the velocity in the last two to three years.” With a “latte lifestyle” now in the eastern suburbs, Mr. Leoncelli said people no longer needed to travel to South Yarra for a good cup of coffee. “Burke Road, Camberwell is vibrant; High Street, Kew still has a fair way to go but getting better; Glenferrie Road, Hawthorn really dynamic,” he said. Urbis associate director Mark Dawson expects there will be “huge demand” in the eastern subregion, underpinned by local fundamentals such as sustained population growth and education infrastructure. He said the belt – between five and 15 kilometers east of the city – was where everyone wanted to live and home to all the best schools. But there are also restrictions on the type and volume of new dwellings that can developed. The eastern suburbs also had proximity to employment clusters, universities and entertainment, Mr. Dawson said. “There’s some great fundamental sets of infrastructure driving the eastern suburbs.” Read More: https://www.domain.com.au/news/look-east-for-melbournes-best-locations-to-buy-an-apartment-cbre-20150828-gj9tov/

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