Sales flurry pushes GALERIE apartments in Glen Iris to over 90 per cent sold

GALERIE has sold predominantly to downsizers, but the recent purchasers presented a different demographic in the building that is expected to welcome buyers toward the end of the year
Sales flurry pushes GALERIE apartments in Glen Iris to over 90 per cent sold
Joel Robinson July 10, 2024SALES UPDATE

A sales flurry of four sales in as many weeks has seen GALERIE, the new Glen Iris apartment development by LDS Property, approach sellout.

In a positive sign for market sentiment going into the second half of 2024, the buyers transacted quickly.

Projects by Buxton Director Heath Thompson said three of the four buyers went from enquiry to sale within a week.

"We [Melbourne] haven't had that sort of conversion timeline for what feels like a very long time," Thompson said.

GALERIE has sold predominantly to downsizers, but the recent purchasers presented a different demographic in the building that is expected to welcome buyers toward the end of the year.

Only one of the four buyers was a downsizer, another an investor from Perth who bought the apartment for his daughter to live in, and two upsizers.

"It's a positive sign to see an investor come from Perth who isn't chasing a yield given his daugther will live in GALERIE," Thompson says.

"He, like more and more that are enquiring, is understanding the metrics of the supply, demand, and cost imbalance in Melbourne and is expecting compound growth over the medium to long term."

GALERIE, backed by Westpac and under construction by award-winning builder Iurada, comprises 29 two and three-bedroom apartments.

Construction has seen the main building structure nearly complete, with Iurada shifting its focus to the internal fit-out of the apartments.

Each unit extends to a private terrace or courtyard, with views over the treetop in its elevated position.

GALERIE has been designed by Ewert Leaf and sits in landscaping by John Patrick Landscape Architects.

The development is located near the intersection of High Street and Burke Road and is well-serviced by various transport options including the nearby Glen Iris Station.

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Joel Robinson

Joel Robinson is the Editor in Chief at Urban.com.au, managing Urban's editorial team and creating the largest news cycle for the off the plan property market in the country. Joel has been writing about residential real estate for nearly a decade, following a degree in Business Management with a major in Journalism at Leeds Beckett University in England. He specializes in off the plan apartments, and has a particular interest in the development application process for new projects.

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