Chadstone townhouse site tops Melbourne weekend auction results

The 1,920 sqm site came with permits for six townhouses with potential city views.
Chadstone townhouse site tops Melbourne weekend auction results
Jonathan ChancellorFebruary 6, 2022

The top advised weekend Melbourne auction sale was when a boutique townhouse development site sold for $3.4m at Chadstone

The double block Fitzroy Grove offering had come with a $2.85m to $3.05m price guide from Jellis Craig Monash agent Stephen Huang. 

The 1,920 sqm site came with permits for six townhouses with potential city views. 

Recent single townhouse sales have been at over $1.1 million, showing price growth since completion.

The weekend site offering had been consolidated after 4 Fitzroy Grove had been bought for $1,292,000 in 2019.

2 Fitzroy Grove - which is the larger of the blocks at 1034sqm - had been bought at $1,558,000 in 2019.

The address had been marketed as the perfect foundation for an innovative multiple townhouse site, capitalising on potential City views from an upper level (STCA). 

It is located, walking distance to Jordanville train station, Jordan Reserve, Riversdale Golf Club and minutes to Chadstone shopping centre and Holmesglen TAFE.

Chadstone, known as the fashion capital because of the famed shopping centre, returned to having a $1 million median for houses early in the pandemic.

Recent townhouse sales included a four bedroom, two bathroom townhouse at 3/19 Atkinson Street which fetched $1,187,500 at January auction through Ray White agent Bill Gianidis.

It was a 2019-built executive residence in a coveted development having first sold at $950,000 in 2018.

There were three townhouses offered off the plan in the project.

The marketing noted there is a generous living area which can also be used as the perfect home office. 

"There is an abundance of good schools including Malvern Valley Primary, Salesian College and Huntingtower nearby, nature reserves and a world of dining destinations," it noted.

A popular boutique townhouse project was completed in 2019 at 7 Churchill Avenue, Chadstone by Auspacific Property with its prices starting from $1,060,000. The seven townhouse complex has been tightly held since completion.

Major developers have sought larger scarce infill sites in the city's leafy east and south-east, including Frasers Property Australia with a mix of apartments and townhouses at the Brickworks site in Burwood and Mirvac with its Tullamore project on the site of the former Eastern Golf Club in Doncaster.

In 2020 developer Golden Age, led by Jeff Xu, bought a 1.65-hectare Glen Waverley residential site close to Chadstone Shopping Centre, with plans for 100 townhouses.

The Golden Age site at 583 Ferntree Gully Road has yet to hit the market.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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