Property returns continue to show a positive trend at NewQuay, Docklands
Property returns at NewQuay, Docklands continues to show positive growth with a 7.5 percent average annualised increase in apartment resale prices to-date. This growth is further supported by a record number of apartments fully tenanted providing consistent and reliable returns to investors.
Paul McDonald, the Chief Executive Officer of MAB Corporation said that NewQuay is proving itself as both an investor and owner-occupier residential precinct.
“The tenant demand for apartments has exceeded expectation and we currently have 263 apartments under management at NewQuay through MAB’s Docklands based real estate agency, Metro Real Estate Services, with less than a one percent vacancy rate,” Mr McDonald said.
“This highlights that NewQuay is a preferred rental location for Melbourne inner city dwellers.
“The rental returns to investors have also showed a consistent return and the low vacancy rates are now placing upwards pressure on our rents.
“The average annualised 7.5 percent increase in apartment resales to-date has also been achieved by Metro Real Estate Services. The Agency offices are located on the promenade at NewQuay positioning itself as a Docklands specialist.
“NewQuay currently is the residence for more than 2,000 people and is becoming a very cosmopolitan community that is supported by an active events programme and fashionable cafes and restaurants. The implementation of MAB’s vision is clearly showing returns for the Precinct.”
Towards the end of 2004, MAB commissioned a survey from an independent party to survey the attitudes and motivations of the residents who live at NewQuay. Most residents in the survey indicated that the central location to the City and associated public transport was their major motivation for planning to live at NewQuay. However, the results also showed that since living at NewQuay, they have also ranked being close to restaurants, bars and cafes in the Precinct, as being a significant attribute. Another finding was the proximity to the Docklands located Telstra Dome as another benefit with many residents becoming regulars at the AFL and other scheduled events held in the Dome.
“MAB have completed 800 apartments in four residential towers at NewQuay, and the next tower, Conder, is due for settlement in August this year,” Mr McDonald said.
“This will add another 200 apartments to the Precinct and bring in a number of new residents with 70 percent of the Tower already sold.”