if the goals are $1.0m, 1-bedroom apartments, that is.
Apartments.com.au reporting the sale of a Mirvac apartment has broken the price record for Brunswick. (article: https://lnkd.in/gf4heuUK)
$4.4m for a 216m2 apartment. Higher than the priciest house sale in the suburb, and an amazing result for high-end apartments in Melbourne.
A couple of months earlier, it was reported that this project, Prince & Parade, had been approved by the Victorian Government Development Facilitation Program (DFP). A condition of the DFP process is the delivery of a proportion of #affordablehousing by the project – this can be within the building or through a cash contribution into the sector.
So how much #affordability is this project delivering? Well, according to the listings underneath the article: • 1 bed from $965,000 • 2 beds from $1,444,000 • 3 beds from $2,205,000
Mirvac will undoubtedly deliver excellent quality and design, and it’s a lovely looking building in a good location. It’s also possible there are some less expensive units in the building. But no matter, overall these are hardly what one would deem as “affordable”.
🤔Need to know there will never be a preponderance of #familysizedapartments? $2.2m+ is why.
The disconnect between the desire to build more high-density housing, especially for families, and the capacity of buyers to afford it only seems to be getting greater.