Melbourne’s Off the Plan Properties on the Rise

Interest in Melbourne’s off the plan houses and apartments has increased, as more and more considering buyers are now owner-occupiers.

According to realestate.com.au’s Developer Insights Series data, the proportion of investors and owner-occupiers are now equal, shifting from 71 per cent and 29 per cent from two years ago.

The growth in the number of owners could be attributed to higher employment opportunities in the state and lower affordability hurdles due to the introduction of stamp-duty waiver for first-home buyers last year. The abolishment of duty concessions for investors also played a part in evening out the numbers.

“The market has matured to the extent where both first-home buyers and downsizers are gravitating towards it,” said RPM Real Estate’s Cameron Yates.

CBRE head of sales Andrew Leoncelli said more than half the sales in the Melbourne Square project in Southbank were made to owner-occupiers.

The leading region for off the plan supply and demand with the most listings and views on Domain’s website was West Melbourne, thanks to popular suburbs such as Tarneit, Werribee and Rockbank.