Docklands Offers Investment Potential

The most recent statistics released by the Real Estate Institute of Victoria show the residential vacancy rate for dwellings located in the inner region of Melbourne, which encompasses the CBD, Southbank, St Kilda Road and Docklands, is 2.3 per cent.

But Daniel Cole director of Barry Plant Doherty Docklands says this figure does not necessarily represent the true picture with apartments at
Docklands. “We were the first independent agency to set up a fully-fledged real estate office at Docklands and have established a sizeable rent
roll over the last three years but at the present time we don’t have any properties vacant.”

According to Cole the current demand for rental property is putting upward pressure on rents – particularly for one and two bedroom apartments – and the prospect of higher returns is making the area more attractive to investors.
“It is important though for investors to do their homework thoroughly and assess properties objectively, taking into consideration their location,
position within the development, views and the building they are located in.”

Cole says investors should compare a property they are interested in with similar ones in the area and, most importantly, make sure it is priced right.

“There is no doubt some people paid inflated prices when they bought apartments off the plan in the past and this resulted in adverse publicity
which has tended to put a lot of people off buying apartments at Docklands.”

But he points out that apartments at Docklands are keenly sought as a base by aircrew because of the ready access to Tulllamarine Airport via the nearby freeway and by executives looking for a central location.

“We’re only five years into a 10-year project and I have no doubt the area will become more and more attractive to investors as the infrastructure is
established further. After all it’s a prime residential precinct within walking distance of Melbourne’s major sporting, entertainment, cultural and
shopping attractions.”