Melbourne apartment glut relief

The oversupply of apartments in inner-city Melbourne is clearing with 1037 sales in Southbank, Docklands and St Kilda road in the six months to the end of June. The 2006-07 financial year result of 1962 sales was the best since 2002-03 and 25 per cent over the long term average calculated from 1994. With rental yields improving, from $280 to $300 per week last year up to $310 now, investors are being attracted to the market.