Why Melbourne's property market is suddenly so appealing | Kanebridge News
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Why Melbourne’s property market is suddenly so appealing

Australia’s most liveable city just became a little more attractive

By KANEBRIDGE NEWS
Tue, Jun 13, 2023 10:45amGrey Clock 2 min

Potential homebuyers may be best placed to set their sights on Melbourne, with new data revealing Australia’s largest city recorded significantly less growth than other capitals since the pandemic began.

Figures from CoreLogic show  that house values rose by just 1.6 percent between March 2020 and May 2023 compared with a stronger 16.5 percent gain in Sydney prices and a whopping 45.2 percent surge in Adelaide.

The increases have started to close the value gaps between Melbourne and the smaller capitals such as Brisbane, Adelaide and Perth, said CoreLogic Asia Pacific research director Tim Lawless.

“Every capital city other than Canberra – the country’s second most expensive capital for houses – has significantly closed the house value gap to Melbourne,” he said. “At the onset of COVID, Brisbane houses were 47 percent cheaper than Melbourne. That affordability gap has closed to just 15 percent.

“Melbourne was 85 percent more expensive than Adelaide at the start of COVID but the gap has narrowed to just 29 percent and in Perth, where the gap was 88 percent, Melbourne house values are now 50 percent higher.”

Like most Australian capitals, Melbourne’s values fell at the start of COVID. During 2020, values declined by -6.7 percent according to CoreLogic, followed by substantial growth of 20.6 percent. This preceded  another decline of -11.7 percent, with the market finding the floor in February this year. Since then, prices have grown 1.7 percent to May this year.

Melbourne is consistently ranked Australia’s most liveable city and was last year named the third most liveable city in the world by the Economist Intelligence Unit’s Global 2022 Liveability Index.

Mr Lawless said the latest data would likely make Melbourne a more attractive option for homebuyers and investors.

“With housing affordability remaining stretched, this improvement in Melbourne’s value proposition could place Australia’s second largest city in a more competitive position to attract a greater share of housing market participants,” he said. 

“The city’s advertised supply level is trending lower and is -13.4 percent below levels at the same time last year and -7.0 percent below the previous five-year average.  

“Melbourne’s rental vacancy rate of 0.8 percent in May is also one of the lowest in the country and yet another potential factor supporting purchasing demand for those with the financial capacity to enter the market.”



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Tonino Lamborghini Unveils New Luxury Residences in Ras Al Khaimah

Tonino Lamborghini recently revealed a new luxury project comprising 241 units in Ras Al Khaimah, developed in partnership with Arista Developments.

Tue, May 21, 2024 2 min

Named the Tonino Lamborghini Residences, this project promises a fresh take on luxury living with its iconic design, cutting-edge amenities, and stunning sea views.

Set on Al Marjan Island, the development is adding 241 high-end units to the area’s real estate offerings, all reflecting the sleek, Italian elegance associated with the Lamborghini name.

These residences are designed to impress, featuring modern architecture that harmonizes with the scenic surroundings and interiors marked by meticulous craftsmanship and top-quality finishes.

Living in this one of the project’s units means access to a range of upscale amenities: a state-of-the-art fitness center, multiple swimming pools, beautifully landscaped gardens, and dedicated areas for children’s play. The complex also offers a business center with a conference room, an outdoor BBQ area, and a chic café, catering to all aspects of high-end living.

Arch. Abdulla Al Abdouli, Chief Executive Officer, Marjan, expressed excitement about the introduction of Tonino Lamborghini Residences to Al Marjan Island, noting the project’s blend of sustainable construction and smart home technologies. This integration, he mentioned, guarantees a luxurious lifestyle equipped with the finest modern amenities, reflecting the exquisite Italian craftsmanship. He is confident that this new venture with Arista Developments will significantly boost the allure of Al Marjan Island as a top lifestyle destination in Ras Al Khaimah for both investors and residents.

Tonino Lamborghini, President of the Tonino Lamborghini brand, said: “We are delighted to be among the pioneers in this remarkable new destination in one of the seven emirates of the UAE. Our heartfelt gratitude and recognition go to H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, for his visionary leadership and foresight, and for embracing innovative strategies to revitalize a region full of potential.”

Mr. Arthur Chu, Chairman of Arista Developments, highlighted the project’s ambition to capture the essence of the Tonino Lamborghini brand in every aspect of its design. He described the development of a prestigious residential tower on Al Marjan Island that will reflect the lifestyle and beauty synonymous with Lamborghini. From the sharp, well-defined lines of the exterior to the elegantly designed interior common areas, every detail is crafted to showcase the brand’s distinctive elegance and sophistication. Chu emphasized that the interior designs, personally crafted by Tonino Lamborghini, aim to fully immerse residents in the Italian brand’s luxurious identity.

The variety in housing options is vast, ranging from one and two-bedroom apartments to duplexes, sea view villas, signature villas, and exclusive penthouses.

The collaboration between Tonino Lamborghini and Arista Developments blends iconic Italian style with expert real estate craftsmanship. This venture marks Lamborghini’s first introduction to Ras Al Khaimah and represents a commitment to setting new standards in luxury and modern living.

 

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