As marketers, we think Melbourne is heading towards a huge marketing challenge for homeowners and landlords in the CBD: the threat of new, modern, high density, glass and concrete (read: characterless) apartment towers and skyscrapers. Why? Because these new property developments are causing an oversupply of apartments in the CBD and driving rent and selling prices of existing properties down, down, down.
Increasingly, homeowners, landlords in the CBD and in fact, real estate companies too, have to face up to the challenge of getting buyers and renters to CHOOSE to live in an older, existing and probably heritage listed building in Melbourne CBD, like those shown below, against the new towers and skyscrapers. This is where marketing comes in.
This situation with modern skyscrapers versus old, existing heritage, low rise buildings is similar to the situation of a very crowded market for a household product, where consumers have a lot choice and options at various price points targeting people with different disposable incomes and lifestyles. Smart marketing can help to promote, target and reach the buyers and renters who are predisposed to the qualities and unique value proposition that older, heritage, low rise buildings offer. Really, not everybody wants to be live like one out of a thousand sardines, being squeezed into pseudo luxurious, matchbox sized apartments in the sky, without any sense of community in the building.
It’s also public knowledge that Melburnians are big on conservation of old buildings and respecting heritage. Why not use marketing to employ these sentiments as a weapon against the uncontrollable sprouting of modern skyscrapers like weeds?
We’ll address the exact marketing tactics that can be employed to achieve this in another post because we know someone who has an apartment in a low rise, heritage listed building right in the heart of the CBD. Heritage facade, original features dating back to the late 1800s, high ceilings, low density so there aren’t many neighbours on each floor and the entire building and the landlord is finding it hard to find the right tenant that values these defining features. See how we intend to help solve his problem in an upcoming post.