West Melbourne Waterfront - DEVELOPMENT POSITIONING ANALYSIS PREPARED EXCLUSIVELY FOR WMW DEVELOPMENTS PTY LTD - City of Melbourne
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West Melbourne Waterfront DEVELOPMENT POSITIONING ANALYSIS PREPARED EXCLUSIVELY FOR WMW DEVELOPMENTS PTY LTD
Melbourne Profile
MELBOURNE PROFILE / 01
REQUIREMENT FOR EMPLOYMENT GROWTH
NEW DWELLINGS = OVER THE PAST 6 YEARS
2,435 76,000
Melbourne City Profile
// According to the latest statistics, // The Victorian Government’s Plan
the estimated resident population Melbourne has identified a clear
of Melbourne was 116,413, an requirement for the urban renewal of
increase of more than 11,000 key sites around inner Melbourne in
people from the previous year. order to accommodate this significant
demand for new dwellings.
// By 2021 the City’s population is
projected to increase to 145,000 // The City’s dwelling landscape continues
and by 2031 to reach 189,000. to increase dramatically with demands
of inner-urban, high-density dwellings
// This population growth is forecast to
continuing to escalate rapidly. In 2012
translate into demand for an additional
there was a total of 58,395 dwellings
23,800 new dwellings in the 10 years
within Melbourne – an increase of 16,358
to 2021 and an additional 24,700 new
dwellings from 2006. This translates
dwellings between 2021 and 2031.
into an average annual increase of just
// This total new dwelling demand over 2,700 dwellings per annum.
equals 48,500, or a delivery of
// The City’s employment base has
2,435 new dwellings per annum.
also grown rapidly in the six years to
2012 to reach 439,172 equating to
more than 76,370 new jobs created
within the City, or growing by more
than 12,730 workers per annum.WEST MELBOURNE WATERFRONT
#1 INDUSTRY AND
EMPLOYMENT GROWTH
West Melbourne Region Profile
// Melbourne’s West covers the local // Predictions indicate that Melbourne’s
government areas of Brimbank, West will accommodate more than 40 per
Maribyrnong, Melbourne, Melton, cent of metropolitan growth over the next
Moonee Valley, Hobsons Bay and 40 years1. By 2031 the region is expect to
Wyndham. The region leads the attract around a quarter of metropolitan
state and most of the nation in Melbourne’s labour force growth.
population and economic growth.
// The latest data available shows that,
// The region covers an area of as at 2011 there were 51,401 business
1,331km² spanning from the inner in the region of which 89 are large
city through to the middle ring and firms with over 200 employees each.
outer-urban / semi-rural areas.
// The region is set to lead industry and
// The region is experiencing rapid employment growth in Victoria over the
growth. In 2001 the area’s resident next 30 years and will host around 13
population accounted for 11.6% of per cent of metropolitan Melbourne’s
the state’s population projected to total employment growth up to 2046.
grow to account for 14% by 2016.
// The area has a strong industrial base
// At the time of the 2006 Census the with growing numbers of knowledge-
area’s population was counted at just economy businesses underpinning
over 611,500 persons to reach 716,510 commercial growth throughout the area.
persons at the time of the 2011 Census
// The development of new commercial
(an increase of more than 28%).
businesses within the area is considered
// The region is currently experiencing crucial to facilitate economic growth
one of the highest concentrations and investment within the region, to
of population growth seen in enhance local employment opportunities
Australia in recent times. and to enable a higher rate of
employment participation closer to
home in order to reduce reliance on the
city’s congested transport system.
1 Western Melbourne RDA Committee Regional Plan 2013-2016MELBOURNE PROFILE / 03
MOST SIGNIFICANT
URBAN RENEWAL
PROGRAM IN VICTORIA
West Melbourne Suburb Profile
// The suburb of West Melbourne is // The employment profile of West
located three kilometres north- Melbourne indicates a population
west of the Melbourne CBD that principally works in professional,
fronting the Maribyrnong River. clerical and managerial roles, and
that accounts for more than 68%
// The area is principally occupied by
of the suburb’s population. This is
freight operations and industries co-
unsurprising given the suburb’s close
located with industrial activities.
proximity to Melbourne’s CBD.
// The Dynon Urban Renewal Precinct is
// Furthermore, the population is well-
on the cusp of the commencement of
educated with 32% holding technical
a major urban renewal program, which,
or tertiary qualifications. This is
in conjunction with the surrounding
in stark contrast to that recorded
precincts of Hobsons Road, Josephs
throughout Victoria of 15%.
Road and EGate will form one of the most
significant urban renewal programs not // A total of 96% of the dwelling
only in Victoria but also in the nation. landscape of West Melbourne is
overwhelmingly dominated by either
// At the time of the 2011 census West
apartments or townhouses.
Melbourne was home to 3,744 persons
and is forecast to grow by 12,952 persons // Apartments alone account
to reach to 16,696 by 2036.2 This strong for 62% of all dwellings.
rate of growth will translate into an
// Townhouses/ semi-detached
underlying demand for new dwellings,
dwellings account for the
which is likely to grow exponentially in
remaining 34% of all dwellings.
line with the delivery of both hard and
soft infrastructure into the suburb. // Over time, in line with the rollout
of an appropriate urban renewal
// The demographic characteristics
program the suburb will see a lift
of the suburb highlight a resident
in the proportion of apartments, as
population that is predominantly
parcels of land are developed in the
Gen-X and Gen-Y (people aged 20-39)
direction of high-density dwellings.
living in high density environments.
2 Forecast.idWEST MELBOURNE WATERFRONT
// 2011 Census data for West Melbourne // The suburb is a particularly popular
shows that couples without children are area for renters with 60% of all dwellings
the dominant household type accounting held under rental tenure, which is
for 31% of all households and a further over double that recorded across
26% of households are comprised of lone Victoria (26%) and Melbourne (27%).
person households. Family households
// Residents of West Melbourne are
(couples with children / single parents
typically high income earners with
/ other family) make up 22% of the
median weekly individual incomes
population with the remaining 20%
measuring just under $800 per week at
occupied by group/share households.
the time of the 2011 Census, compared
// An analysis comparing the population with $560 throughout wider Victoria.
of West Melbourne with the state of
// The combined tenure and income profile
Victoria reveals a significant difference in
of the resident population of West
the household composition between the
Melbourne points to a demographic which
two. The proportion of couples without
has the propensity and willingness to pay
children households across Victoria is
higher rents than those across the state.
10% lower than West Melbourne, the
number of lone person households is // Throughout the suburb’s rental market,
17% higher in West Melbourne and the the most recent data reveals the median
number of group/share households weekly rents being achieved within the
is 17% higher in West Melbourne. suburb were at a 21% premium for one-
bedroom apartments, a 31% premium
// The primary implication of this
for two- bedroom apartments and a 38%
data is that the demand within
premium for three-bedroom apartments
the suburb is primarily for one
compared with the state average3.
and two bedroom dwellings.
60%
RENTED
HIGH RENTAL
DEMAND
3 Department of Human Services, May 2014MELBOURNE PROFILE / 05 West Melbourne Dwelling Supply / Demand // At the time of the 2011 census West Melbourne was home to 3,744 persons and is forecast to grow by 12,952 persons to reach to 16,696 by 2036.4 // This projected growth in population is estimated to translate to a base demand for 5,890 new dwellings over the 25 years to 2036. // Taking into consideration there has been no significant delivery of dwellings in West Melbourne over the population forecast period between 2011 and 2013, the estimated undersupply of new dwellings within the suburb currently sits at around 706. WEST MELBOURNE UNDER SUPPLIED MARKET DEMAND FOR 5,890 NEW DWELLINGS 4 Forecast.id
Urban Renewal Precincts
URBAN RENEWAL PRECINCTS / 07
The West Melbourne Waterfront redevelopment
(adjoining the Dynon Urban Renewal Precinct)
// The West Melbourne Waterfront // With development structuring and
redevelopment occupies a funding in place, the estimated time
strategic position within the Dynon for market release, pending planning
Urban Renewal Precinct. approvals, is for December quarter
2014. This timeframe for market release
// The site is bordered by the Maribyrnong
will unquestionably act as a critical
River, Dynon Road and Kensington Road.
catalyst for the urban renewal of the
// The site is adjacent not only to the surrounding areas and precincts.
Dynon Urban Renewal Precinct but the
// Key fundamentals of the development
approved redevelopment precincts of
will be activation of the Maribyrnong
E-Gate, Hobsons Road and Josephs
River frontage through pedestrian and
Road. The development’s proximity to
cycle paths (as part of the Melbourne
each of these critical Urban Renewal
Bicycle Plan 2012-16) and strong
Areas facilitates a high level of
pedestrian linkages with existing
connectivity between each of these
public transport infrastructure.
precincts and the Maribyrnong River.
// Not only will these important pedestrian
// The current proposal for the site is
and cycle networks facilitate less
the construction and delivery of 490
reliance on private vehicular transport
dwellings, 20,000m2 in commercial
but will encourage increased patronage
space, a 90-room hotel and 400m²
of the public transport system and,
of ground floor retail space.
on completion, afford the community
// On completion it is estimated the a live/work/play environment.
development will be home to more than
950 residents, will create 1,000 new jobs
and commercial businesses within the site
NEW
will contribute an estimated $220 million
in Gross State Product (GSP) each year.
950 RESIDENTS
// The provision of the hotel rooms will
1,000 NEW
create capacity for over 19,000 visitors
with a subsequent accommodation
expenditure of $4.6 million. JOBS
$220 MILLION IN
// An analysis of the development of
similarly-sized benchmark urban
renewal precincts by KPMG reveals
that projects such as the West GROSS STATE PRODUCT
Melbourne Waterfront redevelopment
attract investment of $450 million5.
5 KPMG “Economic Advice: 156-180 Kensington Road, West Melbourne” – May 2014WEST MELBOURNE WATERFRONT
NEW $$$$$ MAJOR
TRAM INFRASTRUCTURE
ROUTE INVESTMENT
// The West Melbourne Waterfront // The site is well serviced by public
development sits adjacent to a transport with three major train
number of key employment and stations all located within walking
educational nodes including Victoria distance. These stations include:
University, the Port of Melbourne,
// The South Kensington Railway Station is
Docklands and the Melbourne CBD.
within an 8 minute walk from the West
// The Port of Melbourne currently Melbourne Waterfront redevelopment.
generates around 15,700 full time
// The Kensington Railway Station is
equivalent jobs and subsequently
an 18 minute walk or a 7 minute bus
is a key driver of demand for
journey from the subject site; and
dwellings within the region.
// The North Melbourne Railway Station
// The University of Victoria’s Footscray
is located 3 kilometres (or a 30 minute
Nicholson and Footscray Park campuses
walk) from the West Melbourne
collectively have student enrollments
Waterfront redevelopment.
over 17,000, underpinning a strong
demand for dwellings within the area. // As detailed in the previous section, it
is estimated that the suburb of West
// Road infrastructure immediately
Melbourne is currently experiencing a
surrounding the site will afford the
shortfall of just over 700 new dwellings.
resident and working community with
strong linkages to the Tullamarine // Based on this analysis there is a clear
Freeway, Moonee Ponds, the Melbourne requirement for the delivery of new
City Centre, Kensington, Footscray, dwellings into the suburb in order to
Parkville, the West Gate Freeway and not only service underlying demand
Docklands via the CityLink Freeway. but also to ensure sustainable levels
Dynon Road also provides strong of median price and rental growth and
connectivity between the subject contain the upward pressure currently
site and the Melbourne CBD. being placed on the cost of living.URBAN RENEWAL PRECINCTS / 09
6 BILLION
RENEWAL - 10,000
NEW RESIDENTS
Dynon Road Urban Renewal Area
// The Dynon Road Urban Renewal Area good access from the North Melbourne
location falls under Plan Melbourne’s station and the south of Arden-Macaulay
Central Subregion containing the to the CBD and Footscray. It will also
municipalities of Melbourne, Stonnington, assist in achieving an even spread of
Maribyrnong, Port Phillip and Yarra. land value and quality development
through the Dynon precinct to the west,
// The Central Subregion is currently
as the area undergoes urban renewal.
home to an estimated 485,000 people,
projected to grow by an additional // The area is set to benefit from a major
230,000 to 280,000 persons by 20316. investment in infrastructure over the
coming years which will not only stimulate
// The region contains one of Melbourne’s
economic and employment growth
largest employment nodes - the Port
throughout the region but also will play
of Melbourne which is Australia’s
a critical role in providing housing for
largest container port and is critical
Melbourne’s rapidly expanding population.
to Victoria’s continued economic
growth and development. // Major projects proposed in and
around the area include:
// The Dynon Road Urban Renewal
Area plays an important economic // The East-West Link
role in contributing to the City of
// Melbourne Metro
Melbourne’s economy principally
through the transport, manufacturing, // Proposed Melbourne Airport Rail
wholesale and distribution industries. Link which will travel through North
Melbourne Train Station (which is in
// The plan for the area’s renewal will
close proximity to West Melbourne
provide economic stimulus not only
Waterfront redevelopment). This will
to the City’s local economy but the
increase the demand for dwellings
broader Victorian economy. In doing
within immediate access to the North
so, the area is considered to play a
Melbourne Train station from the 14,000
critical role in the generation of new
strong workforce of the Melbourne
jobs within Melbourne’s inner west.
Airport. Construction set to start in
// A new east-west tram route is proposed 2017 with estimated completion in
along Dynon Road from the Footscray 2023. The Airport Rail Link forms part
central activities district and station of the Melbourne Rail Link project
in the west, via E-Gate and Footscray with a total value of $8-11 billion.
Road to Docklands and the CBD. In
addition, tram links from Dynon Road
to Spencer and Victoria Streets are also
being considered. This will provide
6 Plan Melbourne – May 2014WEST MELBOURNE WATERFRONT
Surrounding Urban Renewal Precincts
E-GATE
// Feasibility studies are currently // The development timeframe for the
underway by Major Projects Victoria precinct is anticipated to occur across
into the 20 hectare E-Gate Precinct 15-20 years with a projected end
which is located to the east of the value of $6 billion with an estimated
Dynon Urban Renewal Precinct just two commencement date of 2015.
kilometres from the Melbourne CBD.
// On completion E-Gate will become a new
// The site is bordered by Footscray CBD suburb the size of a regional city.
Road and Dynon Road with an active
// The vision for the site is to deliver a
frontage along Moonee Ponds Creek.
range of supporting amenities including
// E-Gate has been identified as playing sports fields, public open space, a
a critical role in addressing the future community library and a new school.
housing and economic needs of Victoria
// Consistent with the State Government’s
with planning focused around the delivery
future plans for Melbourne, E-Gate will
of an end population of around 10,000
deliver a diverse range of high density
persons and an estimated 50,000m²
dwellings that will attract a variety of
of commercial and retail space.
demographic groups creating a vibrant
// The precinct has immediate and cosmopolitan community.
access to three major existing
// Importantly, the precinct’s direct linkage
railway stations, namely:
with the Dynon Urban Renewal Precinct
// Kensington Railway Station - 9 will ensure a high level of connectivity
minute journey to Melbourne between the two communities with each
Central Railway Station. precinct set to benefit from the significant
complementary investment in each other.
// North Melbourne Railway Station – 11
minute journey to Melbourne Central
Railway Station and a 30 minute walk
(3km) from subject development.
// South Kensington Railway Station
with services operating to
Melbourne Central Railway station
in 14 minutes via a transfer at North
Melbourne Railway Station.URBAN RENEWAL PRECINCTS / 11
MAJOR CYCLING
+ PEDESTRIAN
NETWORKS
HOBSONS ROAD PRECINCT JOSEPH ROAD PRECINCT
// The five hectare Hobsons Road // The Joseph Road Precinct is situated
precinct is located to the north of the within the Footscray Central Activity Area
West Melbourne Waterfront site. (CAA) with the south-east proportion
of the precinct being zoned Priority
// The site is bordered by Hobsons Road,
Development Zone and is used for a
Kensington Road, the Maribyrnong
combination of industry and commercial
River and the railway line.
uses. The precinct covers an area of
// The precinct has been rezoned as an approximately 15 hectares and will play
urban renewal, mixed-use precinct a key role in the future delivery of jobs
with a long-term vision for delivery. and housing through inner Melbourne.
// The principal focus of development // The Joseph Road Precinct will connect
will be for the delivery of the much- to Footscray Station and the Footscray
needed new dwellings required within CAA through a renewal and new
the area to service Melbourne’s construction of pedestrian, cycling
rapidly growing population. and road networks. The cycling and
pedestrian networks will take priority
// The long-term plan is for predominately over road networks in order to facilitate
residential development providing a range a more active and engaged community.
of dwellings and some commercial offices.
// Consistent with Plan Melbourne’s vision
// Development of the precinct is for Urban Renewal of the broader area,
anticipated to commence in late 2014 the master plan sets the framework for
with the release of the Hobson’s Lodge the delivery of mixed-use developments
mixed-use development comprised which not only stimulate economic
of 178 dwellings in a configuration growth and new jobs in the area but
of one, two and three bedroom will deliver much needed housing
apartment types and a small portion for the city’s growing population.
of retail and commercial tenancies.
// It is estimated that by 2031
// This initial development is the the Precinct will contain more
first of five land parcels zoned for than 4,000 new dwellings7.
redevelopment within the precinct.
// Furthermore, in accordance with plans
for the Dynon, E-Gate and Hobsons
Road Areas, the land’s frontage along
the Maribyrnong River will be activated
for pedestrian and bicycle use.
7 Maribyrnong City Council20 Minute City
20 MINUTE CITY / 13
WEST MELBOURNE
20 MINUTE CITY
// The West Melbourne Waterfront // Our detailed analysis of the site’s
development is ideally situated to deliver proximity to key hard and soft
on the principals of the 20 minute city. infrastructure reveals a development
opportunity which will afford both
// Following is a detailed list of major
residents and workers a high quality
amenities and infrastructure
of life through capitalization on
all located within 20 minutes of
existing infrastructure and amenity.
the subject site via foot, public
transport and/or private vehicle.
PUBLIC
UNDER 20 MINUTES WALKING TRANSPORT VEHICLE
PUBLIC TRANSPORT NODES
South Kensington Train Station 7 minutes - 2 minutes
Footscray Train Station 16 minutes - 2 minutes
Macaulay Train Station 20 minutes - 4 minutes
Newmarket Train Station 20 minutes - 4 minutes
North Melbourne Train Station - 10 minutes 5 minutes
Southern Cross Train Station - 13 minutes 7 minutes
Melbourne Central Train Station - 20 minutes 8 minutes
Kensington Train Station 15 minutes - 2 minutes
Seddon Train Station - 12 minutes 6 minutes
Yarraville Railway Station - 16 minutes 8 minutes
Flinders Street Train Station - 18 minutes 9 minutes
Middle Footscray Train Station - 18 minutes 5 minutes
Flagstaff Train Station - 19 minutes 6 minutes
Firefly Bus Terminal - 16 minutes 10 minutes
Hopkins Street/Leeds Street Tram Stop 16 minutes 14 minutes 3 minutes
Irving Street Tram Stop - 12 minutes 3 minutes
Nicholson Street Tram Stop - - 4 minutes
Racecourse Road Tram Stop 20 minutes - 4 minutesWEST MELBOURNE WATERFRONT
PUBLIC
UNDER 20 MINUTES WALKING TRANSPORT VEHICLE
PARKS / OPEN SPACES
Footscray Park 22 minutes - 4 minutes
JJ Holland Park 5 minutes - 2 minutes
Lynch’s Bridge Park 7 minutes - 1 minute
Henry Turner Memorial Reserve - - 7 minutes
Wonderland Fun Park - - 7 minutes
RETAIL / SHOPPING
Queen Victoria Market - - 8 minutes
Newmarket Shopping Plaza 20 minutes - 4 minutes
Coles Express, Kensington 11 minutes - 4 minutes
IGA Yarraville - 18 minutes 9 minutes
Coles Express, Footscray 10 minutes 14 minutes 4 minutes
Metrowest Shopping Centre, Footscray - 16 minutes 5 minutes
Costco Docklands - - 6 minutes
Footscray Market 19 minutes 14 minutes 3 minutes
Highpoint Shopping Centre - - 9 minutes
Harbour Town Melbourne - - 7 minutes
Footscray Plaza Shopping Centre - 17 minutes 4 minutes
Southgate Shopping Complex - - 12 minutes
DFO South Wharf - - 9 minutes
QV Shopping Centre - - 9 minutes20 MINUTE CITY / 15
PUBLIC
UNDER 20 MINUTES WALKING TRANSPORT VEHICLE
EDUCATION
St Monicas Catholic Primary
Footscray School 12 minutes 12 minutes 17 minutes
Footscray City Primary School 30 minutes - 7 minutes
Footscray North Primary School - 20 minutes 10 minutes
St John’s Primary School - - 11 minutes
Intergraded Education of Excellence 14 minutes - 2 minutes
University of Victoria – Footscray
Nicholson Campus - 18 minutes 5 minutes
University of Victoria – Footscray Park Campus - 17 minutes 5 minutes
University of Victoria – Sunshine Campus - - 14 minutes
University of Victoria – City Queen - - 8 minutes
University of Victoria – City Flinders - - 10 minutes
University of Victoria – City King - - 7 minutes
Footscray City College - - 5 minutes
Maribyrnong Secondary College - - 8 minutes
Footscray City College (Secondary) - 17 minutes 8 minutes
North Melbourne Primary School - 17 minutes 9 minutes
St Michael’s Catholic Primary School - 16 minutes 9 minutes
St Aloysius Catholic Secondary College - 15 minutes 7 minutes
St Joseph’s Catholic Secondary College - - 9 minutes
Simonds Catholic Secondary School - - 10 minutes
Gilmore Girls Secondary College - - 5 minutes
Meridan International Secondary School - - 9 minutes
St Augustine’s Catholic Primary School Yarrraville - 19 minutes 8 minutes
Holy Rosary School 15 minutes - 3 minutesWEST MELBOURNE WATERFRONT
PUBLIC
UNDER 20 MINUTES WALKING TRANSPORT VEHICLE
CHILD CARE FACILITIES
Saltwater Child Care Centre - 20 minutes 5 minutes
Wimble Street Child Care Co-Op - - 10 minutes
Melbourne City Child Care Centre - - 10 minutes
Kensington Turkish Child Care Centre 16 minutes 7 minutes 3 minutes
ABC Developmental Learning Centre 20 minutes - 16 minutes
Maribyrnong Family Day Care Scheme 20 minutes - 2 minutes
Aussom Family Day Care 16 minutes - 2 minutes
COMMUNITY
Footscray Community Arts Centre 14 minutes 19 minutes 2 minutes
Kensington Community Children’s Centre 9 minutes - 1 minute
Dynon Bird Sanctuary 3 minutes - 1 minute
Flemington Racecourse 20 minutes - 6 minutes
Royal Melbourne Showgrounds - - 6 minutes
MAJOR EMPLOYMENT NODES
Melbourne Airport - - 16 minutes
Port of Melbourne - - 20 minutes
Melbourne CBD - - 10 minutes
Southbank - - 13 minutes
Docklands - - 11 minute20 MINUTE CITY / 17
PUBLIC
UNDER 20 MINUTES WALKING TRANSPORT VEHICLE
HEALTH
The Royal Victorian Eye & Ear Hospital, East Melbourne - -
12 minutes
Royal Children’s Hospital, Parkville - 16 minutes 11 minutes
Royal Melbourne Hospital, Parkville - 16 minutes 11 minutes
Royal Women’s Hospital, Parkville/Carlton - 16 minutes 8 minutes
Western Hospital - 20 minutes 7 minutes
Population Health Sunshine Hospital - 20 minutes 4 minutes
Mandalay Family Clinic 17 minutes 12 minutes -
Yarraville Village Family Medical Centre - 19 minutes 9 minutes
LePhan Medical Centre 20 minutes 14 minutes -
Millennium Medical Centre Footscray - 16 minutes 5 minutes
The Western Medical Centre - - 8 minutes
Ashley Street Medical Centre, Footscray West - - 12 minutes
Flemington Medical Centre - - 6 minutes
Peter Maccallum Cancer Institute - - 12 minutes
Seddon Dental - 20 minutes 7 minutes
Paisley Dental on Barkly 20 minutes 16 minutes -
Source: Resolution Research, Public Transport Victoria – May 2014Residential Market Fundamentals
RESIDENTIAL MARKET FUNDAMENTALS / 19
4.1%
GROWTH
P.A.
Residential Apartment Market Fundamentals // Melbourne City LGA
– West Melbourne / inner Melbourne
// Maribyrnong LGA
Catchment Area.
// West Melbourne
For the purpose of gaining a comprehensive
// Maribyrnong
understanding of local market fundamentals,
the following residential apartment markets // Kensington
(which make up our West Melbourne / inner
// Footscray
Melbourne catchment area) have been
analysed: // Southbank
MELBOURNE CITY APARTMENTS 2003 TO 2013
// The Melbourne Local Government Area // Demand for high-density dwellings
(LGA) has shown strong median price within Melbourne has remained
growth over the past five years, averaging consistent over both the medium
4.1% to the year ended December 2013. (5 year) and long (10 year) periods,
averaging just under 4,800 per annum.
// Over the longer term (10 year period),
the average price of an apartment // At the time of undertaking this research,
in Melbourne City has grown by the median price of an apartment
3.4%. On a linear trend basis, median in the Melbourne LGA was the third
apartment values have recorded most expensive out of the seven areas
an annual lift of $19,000 over the comprising our catchment area analysis.
ten years to December 2013. The LGA’s median apartment value as
at December 2013 sat at $495,000.
MELBOURNE CITY APARTMENTS (LGA) 2003 TO 2013
$600,000 8000
7000
$500,000
6000
$400,000
5000
$300,000 4000
3000
$200,000
2000
$100,000
1000
$0 0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Source: Resolution Research, The State of Victoria – May 2014 SALES VOLUME MEDIAN PRICEWEST MELBOURNE WATERFRONT
SOLID GAINS IN
MEDIAN PRICE
3.7% P.A.
MELBOURNE CITY LGA APARTMENT RENTAL MARKET
// Over the past five December quarters // Growth across the two-bedroom
to December 2013 median weekly apartment market has averaged 1.5% per
rents throughout the Melbourne annum and across the three- bedroom
City LGA have all sat beneath 2%. market has averaged 1.6% per annum.
// Growth across the one bedroom
apartment market has averaged
1.7%% per annum.
MARIBYRNONG CITY APARTMENTS (LGA) 2003 TO 2013
// The Maribyrnong LGA has recorded // Demand for high-density dwellings within
solid gains in median price growth over Maribyrnong has remained relatively
the past five years, averaging 3.7% to consistent over both the medium
the year ended December 2013. (5 year) and long (10 year) periods,
averaging around 960 per annum.
// Over the longer term (10 year period),
the average median apartment price // At the time of undertaking this research,
in Maribyrnong has been stronger than the median price of an apartment
the short-term growth rate of 4.7%. On in the Maribyrnong was the second
a linear trend basis, median apartment most affordable out of the seven areas
values have recorded an annual lift of comprising our catchment area analysis.
$21,173 over the ten years to December The LGA’s median apartment value as
2013, which is the second highest at December 2013 sat at $385,000.
rate of linear price growth recorded
throughout the catchment area.
MARIBYRNONG CITY APARTMENTS (LGA) 2003 TO 2013
$450,000 1800
$400,000 1600
$350,000 1400
$300,000 1200
$250,000 1000
$200,000 800
$150,000 600
$100,000 400
$50,000 200
$0 0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Source: Resolution Research, The State of Victoria – May 2014 SALES VOLUME MEDIAN PRICERESIDENTIAL MARKET FUNDAMENTALS / 21
MARIBYRNONG LGA APARTMENT RENTAL MARKET
// Over the past five December quarters, // Followed by two-bedroom apartments
median weekly rental growth throughout that have also recorded impressive
the Maribyrnong LGA has been strong. growth averaging 3.4% per annum.
// Across the one bedroom apartment // Median weekly rental growth across
market rents have grown by a the three-bedroom apartment market
particularly strong average annual has averaged 2.9% per annum over
growth rate of 4.9% per annum. the past five December quarters.
WEST MELBOURNE APARTMENTS 2003 TO 2013
// West Melbourne’s apartment market // The dominance of higher-priced
has recorded a lackluster performance townhouse-style developments
over both the medium (5 year) and long within the area underpins these
(10 year) timeframes. In the five years higher priced developments and
to December 2013, the suburb’s median reveals an opportunity for the delivery
apartment price has grown by an average of smaller apartment types in the
of 0.6%, with the long-term (10 year) form of high-density dwellings.
growth rate only marginally higher at 1.4%.
// On average the market has recorded
// However, the suburb recorded the second an average of between 105 and 89
highest median apartment price for apartments per annum over the
the year ended December 2013 out of medium and long terms respectively.
each of the suburbs that make up the
// On a linear trend basis, median
catchment area. This prevailing high price
apartment values have recorded an
compared with its similarly high median
annual lift of $6,778 per annum over
price in 2003 explains this low rate of
the ten years to December 2013.
average annual median price growth.
// At the time of undertaking this research,
// Based on the prevailing values across
the median price of an apartment in
the suburb it is clear that there is a
the suburb of West Melbourne as at
requirement for the introduction of more
December 2013 sat at $520,000.
affordable product into the market place.
WEST MELBOURNE APARTMENTS 2003 TO 2013
$600,000 200
180
$500,000
160
140
$400,000
120
$300,000 100
80
$200,000
60
40
$100,000
20
$0 0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Source: Resolution Research, The State of Victoria – May 2014 SALES VOLUME MEDIAN PRICEWEST MELBOURNE WATERFRONT
PREMIUM MARKET
WEST MELBOURNE-NORTH MELBOURNE
APARTMENT RENTAL MARKET
// Over the past five December quarters
1 BEDROOM MEDIAN WEEKLY RENT 2009-2013
to 2013, median weekly rental
$295
growth within West Melbourne-North $290
Melbourne has been consistent. $285
$280
// Median weekly rents for one-bedroom $275
apartments have grown by an average $270
annual rate of 2.7% per annum. For the $265
most recent December quarter the $260
$255
median weekly rent of a one-bedroom
$250
apartment was recorded at $290.
$245
$240
// Growth across both the two- and 2009 2010 2011 2012 2013
three-bedroom apartment market Source: Resolution Research, Department
of Human Services – Victoria – May 2014
has averaged 1.4% per annum.
// For the December quarter 2013,
the median weekly rent of a two-
2 BEDROOM MEDIAN WEEKLY RENT 2009-2013
bedroom apartment was recorded at
$440
$430 per week, and a three-bedroom
$420
apartment at $600 per week. $400
$380
// At the time of undertaking this
$360
research, West Melbourne’s gross $340
rental yield sat at 3.7% with a $320
prevailing vacancy rate of 3.2%. 2009 2010 2011 2012 2013
Source: Resolution Research, Department
of Human Services – Victoria – May 2014
3 BEDROOM MEDIAN WEEKLY RENT 2009-2013
$605
$600
$595
$590
$585
$580
$575
$570
$565
$560
$555
2009 2010 2011 2012 2013
Source: Resolution Research, Department
of Human Services – Victoria – May 2014RESIDENTIAL MARKET FUNDAMENTALS / 23
MARIBYRNONG APARTMENTS 2003 TO 2014
// The suburb of Maribyrnong has shown // At the time of undertaking this research,
strong median price growth over the the median price of an apartment
past five years, averaging 4.8% to in Maribyrnong sat at $467,000.
the year ended December 2013.
// The Victorian State Government does
// Over the longer term (10 year period), not provide rental data for the suburb
the average price of an apartment of Maribyrnong therefore an analysis
in Maribyrnong has grown by 4.9%. of the suburb’s rental market has not
On a linear trend basis, median been included within this report.
apartment values have recorded an
annual lift of $25,291 over the ten
years to December 2013, which is the
largest rate of linear growth recorded
throughout the catchment area.
// Demand for high and medium-
density dwellings within Maribyrnong
has remained consistent over
both the medium (5 year) and
long (10 year) periods, averaging
just under 190 per annum.
4.8% P.A.
GROWTH
MARIBYRNONG APARTMENTS 2003 TO 2014
$600,000 350
$500,000 300
250
$400,000
200
$300,000
150
$200,000
100
$100,000 50
$0 0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Source: Resolution Research, The State of Victoria – May 2014 SALES VOLUME MEDIAN PRICEWEST MELBOURNE WATERFRONT
5.4 % HIGH GROSS
RENTAL YIELD
SOUTHBANK APARTMENTS 2003 TO 2013
// The suburb of Southbank has recorded // Demand for high and medium-density
relatively subdued median price growth dwellings within Southbank has remained
over both the medium and long terms, constant over both the medium (5 year)
averaging 2.5% and 2.2% respectively. and long (10 year) periods, averaging
around 250 per annum, which is the third
// On a linear trend basis, median apartment
strongest market in terms of demand.
values have recorded an annual lift of
$16,986 over the ten years to December // At the time of undertaking this research,
2013, which is the third lowest linear the median price of an apartment in
growth rate throughout the catchment. Southbank sat at $525,000, which is the
most expensive of all of the suburbs
analysed within the catchment area.
SOUTHBANK APARTMENT RENTAL MARKET
// Over the past five December quarters // Average annual median weekly rental
to December 2013 median weekly growth across the two-bedroom
rental growth within Southbank has market has been recorded at 1.5% per
been relatively subdued principally due annum and three-bedroom median
to the large volume of stock available weekly rents have risen by an average
for rent at any one given time. annual rate of 2.2% per annum.
// Supporting this is a prevailing vacancy // At the time of undertaking this research
rate of 4.7% as at May 2014. Southbank’s gross rental yield sat at 5.4%.
// Median weekly rents for one-
bedroom apartments have grown
by an average of 1.3% per annum.
SOUTHBANK APARTMENTS 2003 TO 2013
$600,000 800
700
$500,000
600
$400,000
500
$300,000 400
300
$200,000
200
$100,000
100
$0 0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Source: Resolution Research, The State of Victoria – May 2014 SALES VOLUME MEDIAN PRICERESIDENTIAL MARKET FUNDAMENTALS / 25
0.9 % LOW VACANCY
RATE
KENSINGTON APARTMENTS 2003 TO 2013
// Kensington’s apartment market has // Demand for high and medium-
performed better in the medium density dwellings within Kensington
(5 year) term than the long term, has remained consistent over both
recording average annual growth the medium and long term periods,
rates of 4.0% and 2.8% respectively. averaging just 106 per annum.
// On a linear trend basis, median // For the year ended December 2013,
apartment values have recorded the median price of an apartment
an annual lift of $15,015 over the in Kensington sat at $475,000.
ten years to December 2013.
KENSINGTON-FLEMINGTON APARTMENT RENTAL MARKET
// Over the past five December // At the time of undertaking this
quarters to 2013 average annual research Kensington-Flemington’s
median weekly rental growth gross rental yield sat at 4.7%.
within Kensington-Flemington has
// Rental availability within the suburb
been reasonably consistent.
is particularly tight with a prevailing
// Median weekly rents for one-bedroom vacancy rate of 0.9% as at May 2014.
apartments have grown by an average
// To put this into perspective, a
annual rate of 2.8% per annum.
vacancy rate of 3.0% is considered
// Average annual median weekly rental indicative of a balanced rental
growth across the two-bedroom market where supply is in line with
market has been recorded at 1.9% demand. Evidently, Kensington-
and median weekly rents of three- Flemington’s apartment market is
bedroom apartments have grown currently in a state of undersupply.
by an average of 3.2% per annum.
KENSINGTON APARTMENTS 2003 TO 2013
$600,000 200
180
$500,000
160
140
$400,000
120
$300,000 100
80
$200,000
60
40
$100,000
20
$0 0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Source: Resolution Research, The State of Victoria – May 2014 SALES VOLUME MEDIAN PRICEWEST MELBOURNE WATERFRONT
7.4 % STRONG GROWTH
PER ANNUM
FOOTSCRAY APARTMENTS 2003 TO 2013
// Over the medium term, Footscray’s // Demand for high and medium-
apartment market has been the standout density dwellings within Footscray has
performer in relation to median price remained consistent over both the
growth, averaging 7.4% per annum in medium (5 year) and long (10 year)
the five years to December 2013. periods, averaging 225 per annum.
// Over the longer term (10 year period), // For the year ended December 2013
the average price of an apartment in Footscray’s apartment price sat
Footscray has grown by 3.4%. On a linear at $368,000, making it the most
trend basis, median apartment values affordable in the catchment area.
have recorded an annual lift of $18,855
over the ten years to December 2013.
FOOTSCRAY APARTMENT RENTAL MARKET
// Over the past five December quarters // Rental growth across three-bedroom
to 2013 median weekly rental growth apartment market has been the
within Footscray has been strong. Rents stand-out performer recording an
across the one-bedroom apartment average annual growth rate of 4.1%.
market have grown by an average
// At the time of undertaking this
annual rate of 3.5% per annum.
research Footscray’s gross rental
// Median weekly rental growth across yield sat at 5.1% with a prevailing
the two-bedroom market has also vacancy rate of 3.6% as at May 2014.
been solid with rents growing by
an average annual rate of 2.9%.
FOOTSCRAY APARTMENTS 2003 TO 2013
$400,000 450
$350,000 400
$300,000 350
$250,000 300
$200,000 250
$150,000 200
$100,000 150
$50,000 100
$0 0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Source: Resolution Research, The State of Victoria – May 2014 SALES VOLUME MEDIAN PRICERESIDENTIAL MARKET FUNDAMENTALS / 27 OVER THE PAST FIVE DECEMBER QUARTERS TO 2013, MEDIAN WEEKLY RENTAL GROWTH WITHIN WEST MELBOURNE - NORTH MELBOURNE HAS BEEN CONSISTENT.
Population Growth + Demand
POPULATION GROWTH + DEMAND / 29
10,000+ DEMAND FOR
NEW RESIDENTS NEW DWELLINGS 47,080
Population Growth and Subsequent Dwelling // In summary, based on State Government’s
Demand Projections – West Melbourne / population projections to 2031, we
inner Melbourne Catchment Area calculate that between 2014 and 2031
there will be a growth in population of
For the purposes of gaining a comprehensive 57,303 across the five suburbs analysed
understanding of the future residential which is likely to translate into a base
dwelling requirements of the study area the dwelling demand of 26,130 new dwellings.
following areas have been analysed: // Projections for both the Melbourne City
and Maribyrnong Local Government
// Melbourne City LGA Areas reveal a total growth in
// Maribyrnong LGA population of just under 100,000 new
residents, translating to demand for
// West Melbourne (suburb) an additional 47,080 new dwellings
// Maribyrnong (suburb)
// Kensington (suburb)
// Footscray (suburb)
// Southbank (suburb)WEST MELBOURNE WATERFRONT
POPULATION POPULATION DEMAND FOR DEMAND FOR
GROWTH GROWTH NEW DWELLINGS NEW DWELLINGS
(TOTAL) (PER ANNUM) (TOTAL) (PER ANNUM)
MARIBYRNONG LGA
Estimate in 2014 82,218
Forecast for 2031 111,189
28,971 1,704 11,588 682
MELBOURNE CITY LGA
Estimate in 2014 121,058
Forecast for 2031 192,040
70,982 4,175 35,491 2,088
WEST MELBOURNE
Census 2011 3,744
Forecast for 2031 13,502
9,758 488 4,435 222
MARIBYRNONG
Census 2011 10,168
Forecast for 2031 19,252
9,084 454 3,364 168
KENSINGTON
Census 2011 9,790
Forecast for 2031 13,901
4,111 206 1,869 93POPULATION GROWTH + DEMAND / 31
POPULATION POPULATION DEMAND FOR DEMAND FOR
GROWTH GROWTH NEW DWELLINGS NEW DWELLINGS
(TOTAL) (PER ANNUM) (TOTAL) (PER ANNUM)
FOOTSCRAY
Census 2011 13,193
Forecast for 2031 30,861
17,668 883 7,682 384
SOUTHBANK
Census 2011 11,303
Forecast for 2031 27,985
16,682 8,341 8,780 439
5 suburbs 57,303 10,372 26,130 1,307
LGA’s 99,953 5,880 47,079 2,769
Source: Resolution Research, City of Melbourne & Forecast i.d. – May 2014Transit Oriented Developments
TRANSIT ORIENTED DEVELOPMENTS / 33
// Transit oriented developments or TODs TRANSIT ORIENTED
are developments around transport hubs
that are unique and highly successful
DEVELOPMENTS – BENEFITS
models of mixed-use development. AND FLOW-ON EFFECTS
// The single underlying principle of a // Transit oriented developments have
successful TOD is its proximity to a a variety of environmental benefits
range of public transport, but most incorporated into their dwelling and
importantly, rail lines. This principle master-plan design. These include
ensures that residents and workers water harvesting, common area solar
are afforded convenient and rapid lighting, cross ventilation, low emission
access to the development allowing appliances, low VOC paints (Volatile
for a broader resident demographic Organic Compounds) / carbon neutral
and a diverse working population. paints and the incorporation of materials
which have been developed using
// Research into property prices in the world’s best environmental practices.
United States found properties located
near a transit station experienced higher // However, the biggest impact transit
values than comparable properties oriented developments have on
without transit access. This research the environment is their ability
found that a concentration of residential, to remove the reliance of private
office, and retail space near transport vehicular transport for the bulk of
hubs (within 800 metres), facilitate residents for the majority of time.
increases in the value of those properties. // Carbon dioxide is one of the main
// Most interestingly is the premium paid for greenhouse gases that cause climate
an apartment located within 400 metres change – the amount of CO2 released
of a train station, identified as 45%. into the atmosphere as a result of an
individual’s daily activities is commonly
referred to as their “carbon footprint”.
The average person’s carbon footprint is
4.483 tonnes of CO2 with more than 40%
of this coming from personal transport
LIVING WITHOUT A CAR (more particularly, cars and motorbikes).
HAS HUGE FINANCIAL
& SOCIAL BENEFITS
ACCORDING TO THE AUSTRALIAN FINANCIAL REVIEW,
GETTING RID OF ONE CAR PER HOUSEHOLD COULD CUT
13 YEARS OF MORTGAGE PAYMENTS, WHICH MAY ALLOW
RETIREMENT TO OCCUR 10 YEARS EARLIER, OR PROVIDE
AN EXTRA $400,000 IN MORTGAGE PURCHASE ABILITY.WEST MELBOURNE WATERFRONT
AVERAGE PERSON’S ANNUAL CARBON FOOTPRINT (TONNES)
// Although Carbon dioxide emissions // The graph below charts the significant
from vehicles have been reducing difference in environmental impact (per
since 2002, there is a vast difference kilometre) between an individual who
between Australian emissions and relies on the use of a private vehicle
those recorded in European countries, and one who relies on public transport
with Australian emissions significantly (namely train) – 133g vs 60g = 73g or 45%.
higher. This is principally due to a
distinct lack of policies seeking to reduce
the reliance on vehicular emissions.
AVERAGE PERSON’S ANNUAL
// Transit oriented-developments play a
key role in both the United States and
1.796 CARBON FOOTPRINT (TONNES)
TRANSPORT
the European Union in the reduction
of carbon emissions and subsequent
improvement in air quality, by creating
communities that do not rely on cars
as their principal mode of transport. 2.687
HOME +
APPLIANCES
INDIVIDUAL’S CARBON EMISSIONS
PER KILOMETRE BY TRANSPORT TYPE
// Transit oriented developments adopt a it is expected that transit oriented
highly sustainable approach to mobility development will become one of the
management by focussing on the most desirable living environments
use of “streets not roads”. The focus on both a national and global scale.
is on maximising people movement,
// The opportunity to live without a car
not vehicular movement, which has
not only has huge financial and social
significant flow on cost benefits and
benefits but also offers a much safer
delivers a high level of amenity and
alternative to vehicular traffic. Worldwide,
public safety for all pedestrians.
there are more than 2,500 fatalities and
// Many cities throughout the United States 50,000 injuries each day from traffic
and Europe are approaching this through accidents. According to the World Health
what are called “complete streets”. This Organization, over 1 million people die
new movement aims to create streets each year in motor vehicle accidents.
where mobility is managed to favour
// Residents and users of transit-oriented
public transport, walking and cycling in
developments are typically characterised
addition to lowering the speed of traffic.
by lower car use and ownership than
In Kensington High Road in London, the
their counterparts in conventional urban
traffic accident rate has been halved with
areas8. The volume, reliability and
the implementation of this concept.
regularity of public transport combined
// According to research undertaken for with a high level of amenity both within
Time magazine, the average motorist and in the immediate surrounds of a
will spend six months of their life waiting transit-oriented development vastly
for red lights to change, and over five reduces the requirement for a private
years of life stuck in traffic. As society vehicle. The fiscal effect of living
becomes more and more time poor, within a transit-oriented development
8 Friedman, Gordon & Peers - 1995TRANSIT ORIENTED DEVELOPMENTS / 35
has been found to have an increase in // facilities works as a powerful disincentive
disposable income, according to the to car ownership, with nearly half of all
Centre for Transit-oriented Development. households not owning a vehicle at all
and the number of multiple-car-owning
// The significant cost savings that are
families have also dropped to zero.
achieved by residents of transit-oriented
developments who forgo private vehicle // The transit-oriented development
ownership in favour of public transport model, by placing little to no reliance
usage are immense. According to the on private vehicle usage, encourages a
Australian Financial Review, getting more active lifestyle which has a flow-
rid of one car per household could on effect of a high level of health and
cut 13 years of mortgage payments, wellbeing. With access to a vast range of
which may allow retirement to occur amenities within walking distance of each
10 years earlier, or provide an extra apartment, residents of a transit- oriented
$400,000 in mortgage purchase ability. development undertake a greater degree
of incidental exercise than their suburban
// For residents of transit-oriented
counterparts. On average, residents
developments, particularly with
undertake around 20 minutes per day
major public transport access to key
or more of incidental exercise within
employment and retail nodes, not only
a TOD precinct, which is significantly
does the requirement for a vehicle
higher than that achieved within
become vastly reduced (or in fact
traditional residential environments. The
nullified) but also the cost savings
pedestrian linkages also serve to offer
accrued as a result of utilising public
a safer, community-based environment
transport in place of a private vehicle
than typical suburban roads.
allow for a much better quality of
life in a location that residents may // Apartment living is traditionally occupied,
not otherwise be able to afford. in the main, by a younger demographic,
Transit-oriented developments have
// In the German city of Freiburg residents
consistently demonstrated themselves
of the Vauban transit-oriented
to attract a much broader range of
development who own cars are obliged
demographic groups than stand-
to purchase or rent a parking space in
alone medium and high density
one of two multistorey garages at the
developments. Young families, retirees,
end of the transit- oriented development
young professionals, key workers and
precinct, a greater distance on foot
students typically live side by side within
from most houses than the nearest
transit-oriented developments, all drawn
tram stop. The explicit cost of these
to their respective dwellings by the
superior lifestyle on offer, compared
with standard development models.
// Throughout the evolution of the transit-
INDIVIDUAL’S CARBON EMISSIONS oriented development model, research
PER KILOMETRE BY TRANSPORT TYPE has consistently shown that residents
of transit-oriented developments are
abandoning the unsustainable and
CAR 133 costly home in the suburbs, for a more
sustainable and affordable dwelling that
offers an unmatched level of amenity,
BUS 89
access, safety and community.
TRAIN 60
0 20 40 60 80 100 120 140
Source: Resolution Research – Defra – May 2014WEST MELBOURNE WATERFRONT
WHY INVEST IN AN URBAN RENEWAL
AREA / TRANSIT ORIENTED DEVELOPMENT?
Urban Renewal Areas (URA’s) and Transit AMENITY AND COMMUNITY
Oriented Developments (TODs) are // URAs and TODs attract a wide and
characterised by a number of features unique range of business, retail and
that offer a superior investment recreational amenity commensurate to
opportunity including: the investment and population growth.
// Once the key fundamentals are in place;
ACCESSIBILITY a resident population in medium and
// The trend towards inner city living is high density housing, retail amenity
more popular than ever with a strong and commercial office space occupied
consumer focus towards convenience by a strong working population, these
and accessibility over size. developments become destinations
in themselves which become “mini-
// TODs are afforded with a large and
cities” servicing the surrounding
diverse range of public transport options
suburbs and fostering a strong
offering residents a superior level of
sense of community and culture.
accessibility to major employment,
recreational and retail nodes.
RENTAL DEMAND
// As a consequence of the above
INFRASTRUCTURE characteristics, URAs and TODs
AND INVESTMENT experience greater rental demand
// URAs and TODs are preceded by and achieve a rental premium
significant public investment in over the broader marketplace.
infrastructure and transport.
// This attracts unprecedented investment CAPITAL GROWTH
by private firms of which is a major // Research into property prices in the
driver for residential dwelling demand. United States found properties located
near a transit station experienced
GROWTH: higher values than comparable
// URAs experience extraordinary population properties without transit access.
growth as a result of the investment // It clearly demonstrates that a
driving increased levels of demand. concentration of residential, office,
// This offers ground floor opportunities for and retail space near transport hubs
both the residential and business sectors. (within 800 metres), facilitates increases
in the value of those properties.
// Most interestingly is the premium paid for
an apartment located within 400 metres
of a train station, identified as 45%.TRANSIT ORIENTED DEVELOPMENTS / 37 YOUNG FAMILIES, RETIREES, YOUNG PROFESSIONALS, KEY WORKERS AND STUDENTS TYPICALLY LIVE SIDE BY SIDE WITHIN TRANSIT-ORIENTED DEVELOPMENTS, ALL DRAWN TO THEIR RESPECTIVE DWELLINGS BY THE SUPERIOR LIFESTYLE ON OFFER, COMPARED WITH STANDARD DEVELOPMENT MODELS.
Whilst the information has been carefully compiled no warranty or promise as to its correctness is made or intended. The information outlined within this document represents a subjective interpretation by Resolution Research & Marketing Pty Ltd (ABN 29100642368) and should not be relied upon for investment decisions. Interested parties should undertake independent inquiries and investigations to satisfy themselves that any details herein are true and correct. No forecasts are being made by Resolution Research & Marketing about potential capital gains. Past information about capital gains or price growth does not imply such gains or growth will be made in the future. The material in this publication is copyright. This document cannot be reproduced without the express permission of Resolution Research & Marketing Pty Ltd. Date compiled May 2014. This information is current for six months from compilation. The product and pricing information contained within this document is based on price lists, brochures and third party information obtained throughout the course of our research. This information has been verified to the best of our ability but Resolution Research & Marketing Pty Ltd accepts no responsibility for reliance on this information.
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