This article is from the Australian Property Journal archive
A LOCAL developer has paid $2.125 million at auction for a Parkdale site with a permit for a residential development with 10 two-bedroom apartments across two levels.
The 889 sqm corner site at 123-125 Como Parade has a combined frontage of 60 metres and sold at a land rate of $2,390 per sqm and unit rate of $212,500 per apartment.
Teska Carson’s George Takis and Luke Bisset sold the property, saying there remained very strong demand for apartment sites, particularly those with a current permit.
“While the CBD apartment market might have cooled off a bit the same cannot be said for suburban Melbourne where the demand remains as strong as it has been for several years,” Takis said.
He added that Melbourne’s bayside suburbs were increasingly attracting the attention of developers as the number of opportunities in fringe suburbs declined and land values escalated.
“Melbourne’s strong population growth has provided a ready market for multi-unit developers and, with Melburnian’s increasing penchant for bayside living, opportunities such as this are very well placed to capitalise.” Takis said.
Australian Property Journal
