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Melbourne’s Apartment Market Continues to Go from Strength to Strength

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By Tim Storey

At Colliers Residential Victoria we continue to see the apartment market go from strength to strength across Melbourne’s CBD.

Apartment sales have increased exponentially amid renewed demand for CBD residences off the back of the state government $0 stamp duty incentives for buyers in the City of Melbourne.

Many purchasers are seizing the opportunity to avoid taxes on off the plan apartments and new homes less than $1m that are yet to be lived in.

Colliers Residential Victoria Managing Director, Tim Storey said there is an overhang of new apartments in Melbourne’s CBD that should soon be snapped up and limited stock launching.

“There will be very few projects launched in the CBD in the near future in the sub-$1m market. So we are confident that supply will be absorbed very quickly in the next 12 months. Then we will have a real supply issue that could impact rents in the city.”

With the supply of apartments in the sub $1m price bracket becoming limited and the June 30 deadline looming, we encourage you to share this knowledge with your network so that they can capitalise on these significant stamp duty savings.

If you want to know more about what these stamp duty savings mean for apartment buyers in the CBD you can find all of the official details on the State Revenue Office website.

Or contact us for more information and one of our experts can assist you.

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Tim Storey | Colliers | Melbourne

Tim Storey

Managing Director, Victoria | Residential

Melbourne

+61 3 9940 7282
+61 412 612 170
Email

Tim launched PRDnationwide in Victoria in 1999, a market-leading residential property business. In 2006, the business was acquired and merge to become Colliers Residential Victoria in partnership with fellow Director Brett Griffith.

In his role as Managing Director over the past two decades, Tim has developed an unmatched level of knowledge and experience, enabling him to build the most successful and highest performing team in the residential sector.

Tim is dedicated to delivering industry-leading service and solutions across Build-to-sell (Project Marketing), Build-to-rent, Development Site Sales, Research and Strategic Advisory.

Under Tim’s leadership, the business has represented hundreds of large private companies, publicly listed companies, government departments and institutions.

Tim is responsible for driving more than $20billion worth of apartment sales, he has guided his team with their involvement in more than 70% of the major build-to-rent transactions in the state and built Victoria’s leading Development Sites team.

Tim’s staff recognise him as a forward-thinking leader, who has created a stable and supportive culture where all team members are recognised for their contribution.

“I am proud of the business we have built, the relationships we have forged and the team we have grown over the past 20-odd years. I look forward to maintaining our market-leading position and continuing to set the standard for the industry”– Tim Storey

About Colliers Residential Victoria

For over 20 years, Colliers Residential Victoria has been a leading force within the residential property industry, offering clients access to global networks and an unrivalled level of experience and knowledge. With expertise spanning Build-to-sell (Project Marketing), Build-to-rent, Development Site Sales, Research and Strategic Advisory, the business has been involved in Melbourne’s largest, most defining projects. Colliers Residential Victoria has represented hundreds of developer clients, sold more than $20billion worth of apartments, helped pioneer the Build-to-rent sector and maintained the number 1 position in the Development Sites market with more than 30% market share.

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