Mum and dad investors snap up Bundoora townhouses
The first stage of a new townhouse development in Melbourne’s outer suburbs has sold out within a month, with owner-occupiers and “mum and dad investors” the main buyers.
Developer Sunland Group has sold all 22 two-bedroom townhouses in stage one of its new Eton Terraces development in the Melbourne suburb of Bundoora four weeks after they launched in July, and it hopes to get a similar result when it brings the 27 townhouses in stage two onto the market next week.
Eton Terraces is within the Chancellor masterplanned community within the precinct of Bundoora known as University Hill, close to the campuses of RMIT and La Trobe University and about 40 kilometres from Melbourne CBD.
Sunland Group marketing manager Alexandra Stuart-Robertson says the proximity to the universities was a boon for attracting a wide range of buyers.
“We had a lot of owner occupiers, a lot of first home buyers and a lot of professional couples,” she says. “We’ve got university students, and we’ve got mum and dad investors looking for a property that would suit their children as they grow up, especially when they are in university.”
The 49 townhouses ranged in price between $425,000 and $465,000, and all will be 82 square metres. Construction is set to begin in the next month and is expected to be completed in July or August 2012.
Stuart-Robertson says the design of the townhouses was a major selling point.
“This is the latest showcase of the Sunland designs – our architects have really considered the design aspects to make these properties as liveable as possible,” she says. “The inclusions and fixtures in these homes are very elegant and modern and will appeal to a wide variety of people.”
She adds that the location, which is connected by tram to Melbourne CBD, also attracted different types of buyers.
“It is one of those areas that will appeal to a wide variety of people for many years to come.”
Other developments in the Chancellor community include refurbished apartment building Heritage.
Gold Coast-based Sunland Group also developed the Balencea and Yve buildings on St Kilda Road, and was behind luxury development Q1 at Surfer’s Paradise.