Renters in Melbourne are being given more choice than their Sydney counterparts as the “build-to-rent” sector takes a strong foothold the southern state.
Renters in Melbourne are being given more choice than their Sydney counterparts as the “build-to-rent” sector takes off in the southern state, leaving the rest of the country to play catch-up.
As well, state governments have reduced land tax on eligible projects or introduced a range of other measures.JLL, a commercial real estate agency, said it was now tracking 40,631 build-to-rent apartments at various stages of development, up by 98 per cent since December 2022. Daniel Grollo, a developer who already has three build-to-rent projects on the go, is taking advantage of both location and demand in Melbourne.
The Sydney-based Roth family has sold Grollo the Woolies building, which they paid $13.55 million for in 2001 to a fund controlled by the Uniting Church. Negotiations have been whittled down to one party after 39 international and local groups expressed interest.
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