Why Spring St, Box Hill apartments are attracting both first home buyers and investors

Spring St isn't due for completion until 2024, which gives buyers the opportunity to see the capital gains before the apartment is even finished

Why Spring St, Box Hill apartments are attracting both first home buyers and investors
The Spring Street tower, inspired by the surroundings. Image supplied

Investors and first home buyers have both been attracted to Spring St, the newest mixed-use development slated for Box Hill.

The low price point in the project, the first in Box Hill designed by the renowned architecture firm Elenberg Fraser, has both investors and first home buyers on alert, with the latter given the opportunity to get on the ladder in an apartment tower at the centre of everything.

Prices start from a low $395,000 for one-bedroom apartments and $545,000 for two-bedroom apartments, both well below Melbourne's median of $610,000, calculated by CoreLogic.

That median value has soared over 2021, having started the year at $576,000. Growth so far in the calendar year has been around 5.6 per cent.

There's predicted to be continued growth in Melbourne’s apartment market, due to its current under-supply in apartments and the return of overseas migration, with both overseas renters and investors playing a major role in driving growth.

Spring St isn't due for completion until 2024, which gives buyers the opportunity to see the capital gains before the apartment is even finished.

So far the location of Spring St, on the corner of Spring and Nelson Street, has been one of the most attractive aspects for prospective buyers.

Set in a quiet and leafy area in the bustling heart of Box Hill, Spring St provides convenient public transport, with the 109 tram, trains and buses nearby, as well as local shops and cafes. The ground level of Spring St will also home a number of retail and dining options.

Within a few hundred metres is the Box Hill RSL and Bowls Club, which meets Box Hill Gardens, a one kilometre urban park with sports courts, a running track, barbecue areas, ponds, and a playground.

Box Hill Central is a short walk, as are educational institutions for all ages, including Mont Albert Primary, Our Lady of Sion College, and Box Hill High.

The impressive amenity list at Spring St has also attracted those keen to own and occupy.

The development of 312 apartments will feature a 25 metre pool with spa, a sauna, gym, and a yoga room.

There will be a games lounge and two entertainment suites, as well as a private dining room with a kitchen, available to book by residents.

Landscaping was a key part of the design, with Tract Consultants creating two outdoor communal spaces, an outdoor garden on the third level podium, and a rooftop garden on level 26.

The generously sized apartments start from 52 sqm for the one-bedroom apartments, with a further eight sqm of balconies. The average size of one-bedroom apartments in Melbourne is sub-50 sqm.

Spring St’s apartments will feature stone bench tops in the kitchen, and floor-to-ceiling glass windows in the living area to maximise the views high above Box Hill Gardens, to the Melbourne CBD, and as far as Mount Dandenong.

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and new developments across the country

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Box Hill Property Investors Elenberg Fraser

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