05/09/02

New households in Melbourne

The Victorian State Government projects that the number of single-person and childless-couple households will nearly double in the next 30 years. Furthermore, demand for diversity of housing will increase due to an increase in Victoria’s population, employment opportunities, a low interest rate environment and the recognition of inner Melbourne as an attractive place to live, work and invest.

Over the next 25 years, there will be demand for 420,000 new homes in Melbourne. Of these more than a third will be required to rehouse Melbourne’s existing households. It is predicted that by 2021, 25 per cent of Melbourne’s population will be more than 60 years old.

When combined, these demographic changes will bring a permanent change to Melbourne’s housing market profile. Demand for medium density housing is coming from young people as well as older groups and will lead to new opportunities for well located, low maintenance inner city apartment living.

Over the last decade Melbournians have witnessed over $8 billion worth of infrastructure and capital works projects in and around the city and in Southbank. Southbank is now a precinct with it’s own postcode - 3006 . Today further Capital and infrastructure projects such as the redevelopment of Spencer Street Station worth over $1 billion continue to underpin the inner city values.

Central Equity recognises that the trend towards people living in the city is here to stay and is focusing on providing an affordable range of luxury inner city accommodation in good locations, meeting the lifestyle needs, design and budget requirements of a majority of both owner-occupiers and investors.

Central Equity’s latest project, City Tower is an impressive 37 level luxury development with resort style facilities, high speed broadband cabling and concierge services.

City Tower offers over 30 different apartment designs, a variety of views, security, the latest technology, an indoor pool, fitted gymnasium, tennis court, garden courtyard, security parking and prestigious foyer. Each apartment is ready to move in on completion and includes a deluxe kitchen featuring the latest in granite, glass, high gloss and stainless steel finishes.

City Tower is superbly located in the heart of desirable Southbank, only a short stroll from Southgate, the Central Business District, the Yarra River, the Arts Precinct, parks and gardens and the Crown Entertainment Complex. It is a fixed price, freehold title development with strong potential rental demand.

Off the plan purchasers can save up to $38,000 in stamp duty and penthouse buyers up to $140,000 which is only available in Victoria.

For those wishing to inspect City Tower, there is a display located at 173 City Road, Southbank (Melway Ref: 2F D10) open 12 - 5pm 7 days. The display also features an impressive Penthouse display which must be seen to be appreciated. Call Central Equity on (03) 9600 1111 for a private appointment or visit our City Tower Website.