Townhouse development sites on the rise
Melbourne’s inner eastern areas of Boroondara and Stonnington are cementing their status as popular locations for townhouse developments, with recent site sales attracting immense interest.
The shift to high-end, owner-occupier projects has been particularly prevalent in the inner eastern suburbs of Melbourne with downsizers and young professionals leading the charge.
“This year alone, Colliers International has transacted eight residential development sites in Boroondara and Stonnington for a combined total of around $55million,” said Hamish Burgess, Associate Director, Development Sites at Colliers International.
“Colliers’ recent development site sales campaigns in Hawthorn, with a permit for four high-end townhouses, and Ashburton, with a permit for 15 townhouses, generated incredible interest with upwards of 400 enquiries."
504 Glenferrie Road, Hawthorn, which incorporates a heritage façade, sold at auction for $3,575,000 and on a unit rate of $893,750 reflecting its unrivalled inner eastern location, position on the door step of Hawthorn’s Glenferrie Road and proximity to Scotch College.
12-14 High Street Road, Ashburton sold for $4,777,777 with immediate access to retail amenity, public transport, parklands, education and recreation facilities.
“The average median house price across suburbs within Boroondara is approximately $2,000,000 and in Stonnington $1,915,000*. The strong prices across these areas have been fuelled by both the desire of downsizers to stay in their local area and young professionals entering these markets," Mr Burgess said.
“This trend has driven the demand for sites with the ability to deliver a high end, quality product."
Colliers International expects this trend to continue with demand for permit approved townhouse sites in these markets continuing to remain robust.