The availability of Coburg real estate might have improved last year, as it emerges that Melbourne experienced something of a construction boom. Residential and commercial building alike improved over the course of 2015, the City of Melbourne revealed, bringing more options to buyers moving to the city.
According to the November 2015 Development Activity Monitor, which is released bi-annually, there were as many as 20,000 residential dwellings under construction. In addition, another 19,000 are in the pipeline and ready to be given the green light, providing successful pre-sales can be achieved.
It is certain types of real estate in Coburg that buyers are likely to come across. The results show 52 per cent of the homes currently under construction have two bedrooms, while 43 per cent have just one bedroom.
Furthermore, 5 per cent are three-bedroom properties and 0.5 per cent are studios. A lack of available land – and high prices – are likely to be the main reasons behind this trend.
If latest claims from the Real Estate Institute of Australia (REIA) are true, this construction boom could have a positive impact on property prices throughout Melbourne. The group stressed the need for supply levels to be increased, which in turn would make homes more affordable.
"Supply is constrained by a number of longstanding challenges including regulatory and zoning constraints and cost structures including taxing of building," said REIA president Neville Sanders.
The recent construction boom could therefore be welcome news to anyone who's yet to get their foot onto the property ladder, especially if there is a positive impact on prices.
For help making your move to Melbourne, make sure you speak to the team at Ray White Brunswick. We have years of experience in the local area and can get your purchase off on the right foot.