I have noticed many high rise developments springing up everywhere (particularly in South Yarra).
Yesterday there was another announcement made about a massive development at the old Age newspaper site. (http://www.propertyobserver.com.au/...rmer-age-site-on-spencer-street/2013012959013)
It really boggles me as to who will buy and occupy these properties.
My thoughts are that there will be a massive over supply of brand new units.
On the other hand I can't imagine these big developers spending money on projects that wont deliver a return.
What's the real deal here?
Having said that, the are a few in South Yarra that have made a positive difference to the area like the Vogue Plaza development which has revitalised the Church Street end of Chapel Street (at least for residents) and provided some great street level retail options. Claremont Street is another area that used to be a dingy street littered with ugly, old warehouses that is transforming into a little laneway precinct with great eateries.
How do you think the developments will impact on people who currently own property (specifically apartments) in South Yarra?
Yesterday there was another announcement made about a massive development at the old Age newspaper site. (http://www.propertyobserver.com.au/...rmer-age-site-on-spencer-street/2013012959013)
It really boggles me as to who will buy and occupy these properties.
My thoughts are that there will be a massive over supply of brand new units.
On the other hand I can't imagine these big developers spending money on projects that wont deliver a return.
What's the real deal here?
Having said that, the are a few in South Yarra that have made a positive difference to the area like the Vogue Plaza development which has revitalised the Church Street end of Chapel Street (at least for residents) and provided some great street level retail options. Claremont Street is another area that used to be a dingy street littered with ugly, old warehouses that is transforming into a little laneway precinct with great eateries.
How do you think the developments will impact on people who currently own property (specifically apartments) in South Yarra?
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