Blackburn development 45% sold in three weeks

Blackburn development 45% sold in three weeks
Cassidy KnowltonDecember 8, 2020

Twenty-one out of the 48 apartments in a new development in the Melbourne suburb of Blackburn have sold in the first three weeks since its launch.

Q2, which will comprise 48 one- and two-bedroom apartments, was designed by Hayball architects and developed by Kokoda Property. Construction is expected to begin in late September and is expected to be completed by late next year.

The development is at 2 Queen Street, close to Blackburn railway station and shops and cafes on the Maroondah Highway.

“At the end of Queen Street is the station and all of the shops, so convenience-wise it’s a great spot,” says David Howard, sales associate at Castran Gilbert, which is marketing the property. “You can walk to the end of the street, jump on the train and you’re off to work.”

One-bedroom apartments, which range from 50 to 63 square metres, start from $345,000. Two-bedroom apartments, which range from 61 to 68 square metres, start from $475,000. 

According to RP Data, the median price for apartments in Blackburn is $550,000, and the gross indicative yield for the area is 3.3%.

Howard says most of the interest has come from owner-occupiers who already live in the area.

“We’ve had some people downsizing who already live out in the eastern suburbs and no longer need the big family home,” he says. Howard estimates that most of the buyers come from a five- to 10-kilometre radius of Q2.

However, “you’ll always get investors as well”.

The development launched the weekend of July 16 and 17.

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