Buying into South Yarra, Melbourne’s prestigious inner-city

By Yarra One

/ Brought to you by Eco World-Salcon Y1 Pty Ltd |

May 31, 2017 9:10 AM SGT

Join our Telegram channel and follow our Facebook for the latest update.

One of the most anticipated new launches in Melbourne’s South Yarra inner-city this year is Yarra One, a landmark development by Eco World-Salcon Y1 Pty Ltd. The mixed-use development is designed by internationally renowned architect Fender Katsalidis Architects. It consists of 268 apartments in a 26-storey tower, an office podium and an atrium, with a landscaped walkway and spaces for a café, restaurant and retail shopfronts – providing not only a new lifestyle destination for South Yarra but also a convenient place for residents to pick up last minute shopping or the perfect coffee.

Located on Claremont Street just a 5-minute walk from South Yarra train and tram stations, Yarra One will be one of the most upscale high-rise developments in the prestigious district of South Yarra, Melbourne’s most sought-after inner city residential district. It’s not just popular with international buyers, but local area investors, second home buyers, down-sizers and also first-time buyers, according to CBRE.

Yarra One is also located near the fashionable area of South Yarra, namely Chapel Street and Toorak Road. One of the major landmarks on Chapel Street is The Jam Factory, an iconic cluster of old factories which was converted into an upmarket shopping centre and cineplex; The Como Centre, a large shopping centre on the corner of Toorak Road and Chapel Street; as well as a wide range of cafés, restaurants, local high-street boutiques and clubs in the neighbourhood. Within easy access is also Domain Road, a quiet enclave with parkside cafés right next to the Royal Botanic Gardens.

Another attraction of Yarra One is its proximity to the CBD – just a 3-km drive or two train stops from South Yarra. It’s also close to top universities such as La Trobe University, Royal Melbourne Institute of Technology, University of Melbourne and Victoria University.

South Yarra is expected to have a population of 5,225 by 2036, assuming a 9% increase per annum. South Yarra’s population demographics are aged between 20 and 39 years. About 70% of the population are single professionals, and 30% are young families (Source: CBRE). However, South Yarra is also becoming popular with down-sizers, those whose children have grown up and moved out, and are now looking for sizeable apartments that are luxurious and well-designed of at least three-bedrooms in the A$950,000 to A$2 million range.

Yarra One is a freehold development with unit prices starting from A$430,000.

Singaporean buyers who are keen will have to decide quickly because come July 1st, foreign investors looking to buy a property in Melbourne will have to pay more for stamp duty. The Victoria state government will remove the stamp duty concessions for investors purchasing properties off-plan from July 1st. Take for example, a buyer buying a A$715,000 apartment off-the-plan, the stamp duty will be A$31,480 higher.

For further information, please contact 9325 2255 / 6235 2525.

Tags:

Follow our channels to receive property news updates 24/7 round the clock.

Subscribe to our newsletter