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The massive boom in unit development means more owner occupiers are ‘getting in early’
Buying off-the-plan can be a good move particularly if the property market is on the rise, as it is now. You only need to put down a deposit to secure “today’s price’’, it doesn’t matter if the market value has jumped by settlement time, you don’t have to pay more. But be careful. There are plenty of pitfalls.
Fast forward into the future. For starters apartment buildings will be close to self-sustainable according to Brisbane based Ellivo Architects. Organic solar technology will absorb light from the sun and turn it into electricity and heat. Rain water will be captured and converted to filtered drinking water using nano-filtration systems. Traditional furniture pieces will allow beds to morph into a table and then a sofa. Walls and bench tops will be touch screens. Car stackers will be inevitable in basement car parks.
Average incentives in Melbourne CBD office markets continued to increase this quarter, albeit fractionally, to an average of 37 months free (assumed 10 year lease term).
ABS estimates reveal that if current growth trends prevail, the Victorian capital will overtake Sydney as the nation’s most populous city by 2053.
Coupled with stagnant effective rents and high vacancy, the CBD is presenting an ever attractive value proposition for businesses hoping to upgrade their current tenancies.
