Melbourne's north catches eye of residential developers

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Health and education infrastructure, along with more accommodative planning controls are behind increased residential development interest in Melbourne’s northern suburbs.

According to real estate services firm CBRE, recent sales of development sites valued from $1.75 million to $31 million have illustrated an increase in demand for residential development sites in Melbourne’s inner-north.

“The University of Melbourne and the new Royal Children’s Hospital are underpinning employment and growth in the area, which is driving increased residential demand,” CBRE’s Julian White said.

“North Melbourne has the highest Airbnb usage across all of Victoria and 20 Vale Street provides an opportunity for developers to establish short term stay facilities, or smart residential projects, to appeal to this market,” White said.

“The strong demand for residential sites in North Melbourne is further increasing investor confidence in the ability to find tenants quickly.”

White said the interest in Melbourne’s north is coming from both locally based and offshore developers, with the fact that the area is outside recently altered planning laws a major drawcard.

“We are continuing to witness strong demand from both local and offshore groups, who are keen to secure a foothold in the northern suburbs of Melbourne,” he said.

“Developers and investors are attracted to the area as it is unaffected by new planning changes in the Capital City Zone, and there is the added benefit of proximity to the University of Melbourne and other amenities.”
 

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