Melbourne is Australia’s fastest growing city and many developers are seeking to capitalise on this. Inner Melbourne apartment development has been rampant in recent years and a further 76,000 apartments could potentially complete over the next five years. Inner Sydney, which is geographically double the size of inner Melbourne, has approximately 45,000 apartments that may complete in the same period.
However, due to declining investor demand and limited development finance, the fate of many of these projects is uncertain. Developers could face a number of challenges going forward. These include minimising settlement risk, obtaining development financing, re-configuring projects to adapt to a changing market and potentially, holding sites until the next development cycle. So, which are the groups responsible for driving this incredible phase of residential development in Inner Melbourne?
