Buyers’ agents warn not all inner Melbourne apartments perform equally when it comes to long-term resale.
Melbourne buyers chasing an apartment in the inner suburbs are being warned that not all units are created equal, and the wrong choice can make resale far harder than expected.
Convergence Buyers Agents director Sky Hammer said his firm generally steered clients away from high-rise towers and new developments, instead favouring older-style apartments in smaller blocks where supply was limited.
“We look for small blocks, ideally eight to ten units or fewer,” Mr Hammer said.
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“We avoid high-rise buildings and new developments altogether.”
Mr Hammer said the appeal of older stock, including Art Deco-style apartments, was scarcity.
“What we’re really looking for is uniqueness and scarcity,” he said.
He said high-rise towers were typically avoided because of the sheer volume of similar apartments available.
“High-rise apartments are something we generally avoid because there’s so much supply,” he said.
Convergence Buyers Agents director Sky Hammer says buyers should prioritise location and scarcity over presentation when purchasing inner-city apartments.
High-rise towers and new developments can carry resale risks due to oversupply, buyers’ advocates say. Picture: Google Gemini
“That oversupply can make resale difficult.”
In inner suburbs, Mr Hammer said location within the suburb mattered, with buyers urged to avoid apartments directly on main roads and prioritise quieter streets just off major strips.
When it came to compromises, the Convergence Buyers Agents director said buyers should not trade away position for presentation.
“Location is something we never compromise on,” Mr Hammer said.
“The biggest compromise we encourage is condition.
“It’s far better to buy in a strong location, even if the property needs work, than to stretch for something perfect in the wrong spot.”
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