Yes, there are lots of talk about an oversupply of apartments in inner Melbourne CBD. But with a view like this, from a 2 bed, 1 bath high floor apartment, what would you pay?
Prices have been badly depressed because of talks of an oversupply. Most property investors, however, take full advantage of this and took on a long term view. Prices will recover.
With Melbourne expecting to hit a population of over 6 million by 2030 (planning.vic.gov.au), the demand on property and housing is just going to get stronger and stronger. With the current average of around 75,000 new homes a year, supply is still roughly 50% of predicted demand.
I will be lying if I say prices will recover in the next few months. But based on historical statistics, prices of houses double every 7 to 10 years. ie, such a 2 bed apartment in the CBD, is likely to be worth a million, if not more, in 10 years time.