More Apartment Projects Planned for Inner City
Multiple residential applications, including the redevelopment of the Austral Theatre, are planned for Melbourne's City of Yarra as unit prices move steadily up.
Apartment prices have been constantly on the rise since October last year with the trend accelerating in recent months, according to Corelogic research.
The median unit price in Melbourne is now at $593,121 rising 1.7 per cent in March and 3 per cent in the quarter, however, the annual increase sits at only 0.9 per cent.
As the Melbourne market emerges from the bounds of Covid restrictions, developers are lodging plans to take advantage of the booming market.
However, the city's rents and vacancy rates are the nation's poorest performers, according to data released by Archistar this week.
The latest development applications in the City of Yarra, the inner eastern and northern suburbs of Melbourne, include an 11-storey mixed-use tower by Deluca Property Group for 98 apartments at 196-202 Johnston Street, Collingwood.
The Melbourne-based developer, also known as DPGcorp, lodged plans designed by Jackson Clement Burrows.
The plans show six non-residential tenancies on the ground floor, office space on level two and apartments on the upper levels.
Currently on the 1324sq m block is the two-storey Austral Theatre, which was opened in 1922. Its façade and roofline were incorporated in the new design.
There are also plans for a nine-storey mixed-use development including 29 apartments at 609 Bridge Road, Richmond by Freeman Developments.
The tower, on the 325sq m site, was designed by Armsby Architects and is in two distinct parts: the masonry lower portion and more modern upper storeys to be set back from the street.
The ground floor provides retail tenancies, entrance to the apartments and parking for 27 bicycles.
The Melbourne-based construction and development company bought the site in the 1980s and originally developed the site as shops.
Earlier in the year Outline Projects also submitted plans for a nine-storey apartment block in Fitzroy. A decision on that application is yet to be made by the City of Yarra.
