2015 was a strong year in the residential sector, with Colliers International recording more than 4000 off-the-plan apartment sales in Melbourne.
Tim Storey, Colliers International Managing Director of Residential in Melbourne, said his team had seen apartment approvals almost equal detached housing approvals in 2015.
“This is a significantly higher ratio than five years ago, when apartment approvals only accounted for half the number of detached dwellings,” Mr Storey said. “As the nation continues to embrace denser living, high-end owner occupier developments such as 85 Spring Street have been in high demand.
“2016 will be the year of mixed use developments, with Colliers International to launch Stage One of West Side Place, comprising of approximately 1300 apartments over two towers and the iconic Ritz Carlton Hotel. 447 Collins Street is also set to be released this year, incorporating 400 apartments, a 5-star hotel and office space.
“Purchasers are, more than ever, looking at the amenity a development can offer. The way the design of public and private space interacts to create a successful urban place in the Melbourne CBD is of growing significance.”