Melbourne’s economic heart shifts west towards Docklands
Over 540,000sqm of office space has been developed or is under construction within Docklands. A growing number of international businesses have recently relocated into the Docklands precinct including Facebook, Deloitte, KPMG, Corrs Chambers Westgarth, Jemena, Regus, and Maddocks Lawyers.
$15 MILLION RON BARASSI SENIOR PARK OPENS IN DOCKLANDS (NEW QUAY PRECINCT)
The first stage of the park includes a sports field, pavilion, playground, barbeques and a walking circuit. The park valued at $15m offers more open space for Docklands residents, workers and visitors to play sport, have a barbecue and take the children to play. This is another fantastic addition to the local amenity of Docklands and will attract more owner occupiers and tenants to the area.
OWNER OCCUPIER DEMAND GROWS IN DOCKLANDS
3 bedroom apartment prices have increased by an average of $170,000 in the past 12 months to $1.1 million.
(APM Price Finder Aug, 2015 – 2016)
Demonstrating a demand for larger premium owner occupier product.
STRONG 4.78% RENTAL YIELD IN DOCKLANDS
Docklands has a higher annual rental yield for apartments at 4.78%
than Greater Melbourne at 4.31% (Residex August 2016)
NEW 8-CINEMA HOYTS COMING TO DOCKLANDS (NEW QUAY PRECINCT)
LOW VACANCY RATE OF 2.2%
- The rental vacancy rate in Docklands is 2.2%. This reflects a tight rental market. Market balance is considered to be 3%. (SQM, August 2016).
- Dockland’s largest property management company Lucas Real Estate reported a 0.9% vacancy rate in Docklands in August 2016.
- Ironfish Property Management have reported a 0% vacancy rate for September 2016 within Ironfish properties in Docklands.
AUSTRALIA’S LARGEST QUEST HOTEL SET FOR DOCKLANDS – VALUED AT $71M
MAB Corporation is developing a 221-unit Quest Hotel. According to MAB, ‘the new and upcoming hotels will bring over 600 guests to NewQuay every night, adding to the day-to-day vitality of the Docklands and providing a further boost to the local economy.’