Melbourne’s population has ticked to 5.8 million, which will now see the city overtake Sydney as Australia’s largest capital city.
With a population boom, recent property data has suggested that supply and demand will also rise alongside the increased growth.
In fact, data from Charter Keck Cramer reports Melbourne would need to build between 15,000 to 18,000 apartments every year to accommodate the growing population.
This will likely see more and more Melbournians look towards apartments, town homes and units, over established homes, as house prices continue to soar.
CDL Australia’s joint venture, The Marker in West Melbourne recently sold all 198 apartments as consumers turn to outer CBD suburbs for residential solutions.
However, it’s not just the city that is seeing more and more people looking to call Melbourne home.
West Melbourne’s population is also growing, with just 5,500 residents in 2016 this has now grown to 7,619 at 2021 and predicted to reach 9,000 in a few years.
Completed in 2022, CDL Australia’s The Marker included both residential and retail spaces with speciality retailers, food and beverage outlets, as well as an ALDI supermarket.
The diverse range of 1 and 2-bedroom apartments provided buyers with convenient, quality living and leafy courtyard spaces.
Designed for the modern Melbournian in mind, apartments are now complete with open-plan living spaces, underground parking and bicycle bays, as well as private balconies and smart storage solutions in apartments.
As supply outweighs demand, Melbourne could also see vacancies decrease and rents and prices increase, as consumers expect to turn to build-to-rent models.
While Melbourne’s property market continues to boom, CDL Australia’s build-to-rent project in Normanby is expected to follow a similar success as The Marker.
Charter Keck Cramer data reports Melbourne’s rental vacancy rates across all housing markets are less than 3 per cent. With Normanby’s build-to-rent project, renters won’t have to sacrifice the inner city lifestyle in the absence of available stock.
The Normanby development will feature 237 apartments with a mix of amenities including a gym, wellness area and co-working spaces.
CDL Australia is backed by Singapore’s City Developments Limited, world leaders in sustainable living and one of the largest companies by market capitalisation.
For more information on CDL’s current and upcoming projects, see a full list here.