Attracted by the combination of high-quality finishes, large amounts of storage and communal facilities, tenants have been quick to secure their new apartment at Promenade Aqui. Demand in the project was so high that local agent Lucas Real Estate took less than two weeks, on average, to lease out an apartment. Given its waterfront location and larger apartment sizes, the popularity of the project is easy to understand.
While traditionally one bedrooms have proven the most popular there continues to be a demand for larger apartments as families are choosing location and lifestyle over a house in the suburbs. ‘NewQuay remains popular with renters because of its proximity to the CBD, public transport links, facilities and amenities’ according to Dylan Emmett, Director of Property Management at Lucas Real Estate. ‘People enjoy being able to walk to work, or catch the free tram into the city. Either way it’s a much quicker commute to and from work.’
And Docklands only continues to grow with the NewQuay Central Park, Docklands Primary School and the redevelopment of Harbour Town Shopping Centre all coming to fruition over the next couple of years. ‘There’s never been a better time to invest in NewQuay’ David Allt-Graham, General Manager of MAB Residential. ‘At the close of last year we saw vacancy rates of 2% and average rental yields of 4.6%, compared to 4.1% for Greater Melbourne.’ Currently Docklands is on track to grow by over 4000 residents and possibly exceed the targeted 60,000 jobs within the next decade. Growth in the rental market will continue to expand.