Investing in Fitzroy North

Tranquility apartments is a highly desirable development tailored to meet the requirements of modern  inner urban life, located in one of Melbourne's most sought after and tightly held residential areas.

For owner occupiers and investors, Tranquility makes investment sense with projections for strong rental returns, high occupancy rates and capital growth over the long term.

Research by independent property consultants shows that the residential landscape in Melbourne is changing, with a push towards apartment living, especially in the areas surrounding the CBD. Astute buyers can now take advantage of this trend by investing in Tranquility.

The report further reveals:

• Melbourne's population is growing rapidly - with 50,000 new residents arriving in 2007 - creating an unprecedented demand for housing.
• Apartments have greater appeal than even before as they offer affordable living in established areas.
• A shift in the housing market over the last 10-15 years has resulted in the strongest demand for apartment accommodation in the CBD fringe and marquee inner urban precincts that offer character and lifestyle.
• Melbourne has a current capacity to produce only 2,500 - 3,000 apartments per year in the most sought after areas (within 10-15 Kilometres of the CBD) when the projected demand is for 4,000 - 5,000 new apartments per year.
• This projected shortfall is expected to drive strong rental growth and lead to low vacancy rates over the medium to long term - predicted annual growth is 10-15 per cent per year.
• Low levels of housing affordability are driving rental demand and creating a new generation of long term renters. Young people are choosing to rent as a lifestyle choice allowing them to stay in their preferred area - close to family, friends and work - rather than buy a house in an outlying area. The trend looks likely to continue supporting rental demand into the future.