Award-winning property developer, ID_Land, has sold more than 50 per cent of its new Yarraville Place project last week, across 55 townhomes totalling $45m.
The success of the project has added weight to the improving market sentiment across the board, with ID_Land reporting 50 percent of sales across the opening weekend were made to first home buyers.
The in-fill development will offer a total of 98 two, three and four bedroom townhomes with heritage aspects such as existing Bluestone walls to be retained and celebrated within the design.
Located in Yarraville in Melbourne’s sought-after inner west, the project will add much-needed new supply to the local market after its popularity surged in recent years, due to its one-of-a-kind village, relative affordability and proximity to the CBD.
According to REA, Yarraville’s current median home price sits at $921,500. By comparison, a three-bedroom, two bathroom townhome at Yarraville Place starts from just $770,000.
Yarraville Place is the latest medium-density development from the developer, after it announced a strategic re-weighting of its pipeline to include more medium density and apartment projects some 24 months ago.
ID_Land Joint Managing Director Matthew Belford says the project is appealing to a broad range of buyers, further highlighting that confidence seems to be returning to Melbourne’s residential market.
“Based on sales from the opening weekend at Yarraville Place, 50 per cent of those purchasing were first home buyers, while a quarter were upgraders looking to move up from their first property, with investors and downsizers making up the balance.
“We think the strength of the sales results to-date indicate that buyers across multiple demographics are back in the market and they’re looking for accessible, premium property in sought-after postcodes like Yarraville.”
“Understanding the demographics of the area, we saw an opportunity to deliver a product that would embrace the character of the location while tapping into the significant demand for three and four bedroom dwellings at an affordable price,” Belford said.
INPG is managing the sales of Yarraville Place, while the award-winning architects Rothelowman have designed the project. Tract has been tasked with landscaping, with award-winning Bryce Raworth engaged as heritage consultant for the project.
Rothelowman Principal Stuart Marsland said his team had worked to ensure the project paid homage to the area’s industrial heritage.
“The retention of heritage assets throughout the project gives it a very unique and different look and feel.
“We’ve worked to create streetscapes that relate to the history and character of the area, for example the sawtooth townhomes in the centre of the project sit behind heritage-listed bluestone walls, while the street-facing homes on Banool Avenue utilise brick façades to acknowledge the industrial past of the site,” Marsland said.
Yarraville Place’s offering is buoyed by its location in Yarraville, which has undergone significant transformation in recent years to become a cultural centre with popular restaurants, cafés and the ever-growing Yarraville Village.
Prices for a three-bedroom, two bathroom, townhouse at Yarraville Place start from $770,000, while prices for the larger four-bedroom, three bathroom, homes start from $985,000.
The Yarraville Place display suite is now open at 2 Banool Avenue, Yarraville from 12:00pm until 4:00pm Tuesdays – Sundays.