A truly tailored approach to real estate

Words by Jack Hayes You’ll be hard-pressed to find a greater wealth of knowledge in the field of Southbank’s residential apartment market than Southbank Residential director Mel McLennan. A resident for more than 20 years and with 18 years of experience in owners’ corporation (OC) management, finance, and building management in Clarendon Towers, Mr McLennan’s encyclopaedic knowledge of apartment living is what continues to drive his long list of happy clients. “When people buy or sell an apartment, it is the biggest financial decision they will make in their lifetime. We understand that and go with them on that journey to make sure they get a good result,” Mr McLennan said. “As a boutique business we are able to provide an incredibly personal and tailored approach to selling your home, one that sees us totally dedicated to your property 24 hours a day.” As a specialist agent who sells apartments exclusively, Mr McLennan has used his extensive background to achieve high prices for his clients – nothing is left to chance when preparing an apartment for sale. Every aspect of the building is checked whether it be OC management, maintenance plans, resident owners’ occupancy rates as a percentage versus investors or short-stay operators. “Buying and selling apartments is a very different set of expertise. You can have an agent who is very good at selling houses in Albert Park and South Yarra because that is where they have built their name, but they aren’t necessarily skilled in apartment living,” Mr McLennan said. “As a specialist, we only have prospective apartment buyers on our books and market your property through this network exclusively before we request any advertising commitment from our vendors.” Mr McLennan said there was an interesting pattern emerging, which countered the widespread reports of a burgeoning property market. With property website Domain reporting Melbourne’s median apartment price soaring to $567,793 in June, a rise of 2.2 per cent, or more than $12,000 from the previous quarter, single bedroom apartments in Southbank are bucking the trend and conversely are depreciating in value.   According to Mr McLennan, this movement is providing an excellent opportunity for first home buyers to enter Melbourne’s property market. “We saw a significant rush at the end of June with buyers taking advantage of stamp duty discounts for properties under $1 million,” Mr McLennan said. “With the average house costing $1 million, apartment living provides a great alternative for those trying to get into the market. Sometimes, $1 million may not get you much is certain areas, but it will certainly you a beautiful apartment.” “We have been seeing buyers who have sold their houses in the suburbs, and they may have a house down on the coast or in the country, but they are after an apartment to have great access to the city and everything that comes with it like the footy and shows.” Together with associate, David Gay, Mr McLennan deals almost entirely in Southbank’s owner-occupier market. Southbank Residential works solely through private appointment inspections, further highlighting its tailored approach to sales and building relationships with buyers • For more information: southbankresidential.com.au