Docklands Market Snapshot, November 2016
NewQuay and Docklands continue to undergo a transformation spurred on by investment in the area by private organisations like MAB Corporation in conjunction with government bodies. To date over $2.5 billion dollars has been invested into Docklands, with $17.5 billion projected to be the final value of investment in the area by 2025.
This investment has led to a boom in population with over 9,000 residents calling Docklands home. This is expected to rise to 15,400 residents by 2025. An additional 53,000+ people come into the area for work, a figure well on the way towards the targeted 60,000 Docklands-based jobs by 2025.
With a uniquely valuable waterside location, bolstered by enhanced ease of access to wider Melbourne and increasingly sophisticated amenity, demand for apartments in Docklands is fortifying a strong and growing rental market.
Recent highlights of the Docklands rental market:
- 2% vacancy rate
- Median weekly rentals of $430 for 1 bedroom, $550 for 2 bedroom and $950 for 3 bedroom apartments
- Average annual rental growth of 3.6%
- An average rental yield of 4.6%, compared to 4.1% for Greater Melbourne