One state has had the most searches for off-the-plan apartments nationally over the past three months.
According to realestate.com.au, Victoria has five suburbs in the most viewed for off-the-plan apartments, with Collingwood attracting the highest level of interest.
Hampton, Melbourne CBD, Carlton and Richmond followed in second, fifth, ninth and tenth spots, showing interest in investment towards inner-city locations.
Evan Cathcart from 360 Property Group said that stamp duty savings were a significant driver in people looking at Victoria for off-the-plan apartments.
“When you buy an off-the-plan apartment in Victoria, you get stamp duty savings that are more significant than other states. For example, purchasing an off-the-plan apartment for $500,000 can save you up to $25,000.”
With the inner-city Melbourne suburb of Collingwood topping the list nationally, Mr Cathcart said that its proximity to the CBD and lifestyle are key drivers for buyers.
“There are parts of Collingwood that are only one kilometre or a 10 minute walk from the CBD,” he said.
“From my experience, most people buying off-the-plan in Collingwood are predominantly young professionals.
“With Collingwood, they’re close to their white-collar jobs in the city and have bustling cafes, bars and restaurants at their doorstep,” he added.
Mr Cathcart said that Collingwood is “hot” with more sophisticated buyers coming into the market over the past couple of years.
“When we sold our first projects three to four years ago, Collingwood was quite grungy and now it’s more gentrified.”
The full list below:
1. Collingwood (VIC)
2. Hampton (VIC)
3. Lane Cove (NSW)
4. Mosman (NSW)
5. Melbourne CBD (VIC)
6. Brisbane City (QLD)
7. Rhodes (NSW)
8. Wollongong (NSW)
9. Carlton (VIC)
10. Richmond (VIC)