Townhouses achieve record prices across Melbourne as demand heats up

05/04/2017

House hunters increasingly priced out of Melbourne’s suburbs are driving demand for townhouses and a string of record prices from Glen Waverley to Hampton East.

Families may now be looking at a budget of millions to buy a house on a full block in desirable pockets, and are instead turning to quality townhouses to stay in their preferred area.

Obaid Naqebullah, a former Afghan refugee who founded Marcopolo Property,  has developed the two townhouses that have recently broken the price record in Hampton East.

A new four-bedroom home, one of two on the block, at 2/8 Seafoam Street sold for $1.45 million. The previous record of $1,425,000 was achieved earlier this year at nearby 13 Stonehaven Crescent.

Number 1 at 8 Seafoam Street is now on the market with an asking price of $1,475,000.

Mr Naqebullah said he was concentrating on areas such as Highett and Hampton East because they were good entry points to the bayside suburbs. They also had good access to Southland Shopping Centre, the beach and the city.

“The housing in these suburbs are still [relatively] affordable compared with the surrounding suburbs, where the prices have gone higher,” Mr Naqebullah said, adding the areas were well serviced by trains and had good public and private schools.

 

Matthew Pillios, of Buxton Hampton East, said families were now looking for big quality townhouses because they could not afford to buy a house on a full block. 

“People who want to get into a good suburb like Hampton East are sacrificing land … to be close to Brighton East, Hampton and the beach,” he said.

Across the city, a new four-bedroom home at 1/13 Hunter Street in Glen Waverley is also believed to have set a new townhouse record for the suburb.

Biggin and Scott Glen Waverley director Ming Xu said the property sold before auction for $1,585,000.

There was growing demand for townhouses in the Glen Waverley area, he said, and those with their own driveway and frontage were particularly in demand.

Townhouses were also popular because they offered a low-maintenance lifestyle, which suited people who were busy and did not want to do too much gardening, he added.

For Mr Naqebullah, he planned to continue concentrating on the bayside area because he believed there was still strong demand.

His pipeline of developments include a 24-apartment project at 66 Railway Parade in Highett — which is set for construction in May — and another proposed 11-storey apartment tower equipped with new technology at 17 Taylor Street in Moorabbin.

“For the car parking — instead of car stackers — you come in and drive into a space, then you come out and press your swipe card and your car just disappears into the basement,” he said. “It’s like a … mechanical chauffeur system.”

The technology was frequently used in Singapore where space was very valuable, Mr Naqebullah said, adding that he believed it would soon also be used in city.

(Source: . https://www.domain.com.au/news/townhouses-achieve-record-prices-across-melbourne-as-demand-heats-up-20170403-gvb8w3/



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