A 3,697sqm site in the heart of Templestowe, one of Melbourne’s strongest performing housing markets has sold for almost $1,400,000 than what the vendor paid in June 2020. Highlighting the strong rebound in the development sites market sine the height of the lockdowns in 2020.
Stonebridge Property Group’s Julian White, Dylan Kilner and Chao Zhang sold the property at 348 Porter Street, Templestowe for $2,7000,000. The site was purchased in June 2020 for $1,280,000.
The property was sold a permit for ten (10) townhouses which are expected to be delivered by the purchaser who is a local builder in the short term to take advantage of the buoyant end sales market.
“Off the back of the growth in the median house price, we have witnessed much increased demand in townhouse development sites in the eastern suburbs of Melbourne” said Stonebridge Partner, Julian White. “This has lead to us selling six development sites in this sector of the market over the past seven weeks”. Mr White concluded.
“Given the site had 12 metres of fall we were surprised at the level of demand given the risks associated with the development. It’s clear that townhouse developers pipelines are running low and they need more stock said Dylan Kilner.
