Record Vacancies In Luxury Melbourne Apartments Reduce Rates For Businesses

It is no secret that first impressions are everything in business. How you are perceived can often be as important or more important than the content of your work. So for business professionals, meeting clients in luxury Melbourne apartments is an essential expense for business travel. But this expense may soon ease on businesses looking to establish a foothold in the region.

Due to record vacancies in luxury apartments in Melbourne, rent prices are expected to come down in a part of the country where the media once declared a "rent crisis." These vacancies, which have increased from 3.6% of accommodations in Melbourne to 4.4% in the last year, have come on the heels of a housing boom that brought a wave of development from Asian and local developers in the last 2 years. Looking to meet population demands, many developers bought in, bringing more housing than necessary to popular neighborhoods like the Gold Coast, the Docklands and Central Melbourne.

The segment most impacted by the crisis is luxury apartments, which have almost double the vacancy rate of regular apartments, due to reports from the Sydney Morning Herald. These vacancies are expected to drive down rates for businesses looking to rent in groups as well as for business travelers looking for a nice place to entertain clients. Many buildings are expected to open up offerings to short stay apartment rentals, bringing in new revenue streams for building owners.

These circumstances have created the perfect opportunity for business travelers, who have been courted by Australian business owners in recent months. Airlines have announced increased air travel to the region from LA and various parts of Europe, and business groups are petitioning local government in Melbourne to add another airport. With luxury apartments in Melbourne coming down in price as well, business travelers will look to strike while the iron is hot in 2012.