Apartment complexes have been popping up around Alexandria, leading some to expect a drastic reduction in growth as a result of the increased supply.
But recent REA Group data proves the suburb is still one of the country’s best places to invest in units for capital growth. Let’s look at what’s been happening in the Alexandria property market and why there’s good news for homeowners and investors.
Alexandria’s changing unit scene
Take a drive through Alexandria and you’ll notice some changes along the skyline, with new developments appearing all around the area. This influx of apartment blocks is dues to the move from industrial to residential, and in direct response to a growing demand for quality high-density living on the city fringe, as buyers are drawn to all Alexandria has to offer.
This is great news for those who want to call the vibrant suburb home, as there will continue to be more and more choice in the available housing stock, but it’s also proving to be positive for long-term growth.
Good news for growth
When new developments flood the market in a specific suburb or area, we often see a drop in growth, as there’s suddenly a lot more housing stock to meet the previously high demand. This means buyers no longer need to compete for their dream home, but can instead be selective about which property to buy.
A buyers’ market like that usually keeps prices low and limits capital growth potential, but the good news for owners and investors is that this doesn’t seem to be the case in Alexandria. REA Group data shows that Alexandria is in the top 5 metro suburbs in the country for long-term growth for 3-bedroom units, with a staggering growth rate of 20.3%. The median value for 3-bedroom units is $1.79m, but it’s more than possible for buyers to snag a stunning property for less, such as this one we sold in Alexandria for $960k.
With such incredible growth potential, buyers currently flocking to Alexandria will reap the benefits of their purchase well into the future.
The appeal of Alexandria for young professionals and families
The ongoing demand for large apartments isn’t surprising to us, given Alexandria’s popularity with families and young professionals. It’s a truly wonderful place to live, thanks to well-connected public transport options, numerous green spaces, a bustling cafe and growing dining scene and the future growth of the area. If you’re looking for a place to raise a family with all the perks of the city fringe, it doesn’t get much better than Alexandria.
Alexandria offers an unrivalled opportunity for first-time buyers to enter the market with smart, well-equipped units at reasonably affordable prices, without the need to leave behind the lifestyle and convenience they’ve enjoyed closer to the city. These buyers are moving to Alexandria and starting families here, so the benefits of moving up to a 3-bedroom apartment are clear. These homes blend the space and convenience required by inner-city families; buyers can get a bigger floor plan, but don’t need to pay a premium for a backyard when 14% of the suburb is covered in parks.
Looking to buy or invest in Alexandria?
Now is the perfect time to buy and experience the long-term growth of a 3-bedroom unit. Get in touch with me today to make it happen.