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As an investor, what is your view on Melbourne new and established apartment market? Do you think the new apartments are facing too much supply and the developers are having difficulties to sell them?
A: Thanks for the question.
I would be very wary about buying a new apartment in or near the Melbourne CBD. There are too many reports of sky high vacancies, and it is just not clear when international borders will open up and overseas students/new migrants will return. There will probably will be some real bargains – but you will need to keep your eyes and ears really close to the ground. Here is a link to a recent article from Domain https://www.domain.com.au/news/how-has-melbournes-apartment-market-fared-during-covid-19-988346/
Outside the CBD is a different issue. There will be some better opportunities – need to understand the supply/demand picture in each area.
