Real Estate

developers splash the most cash on new units apartments and townhouses in glen eira

Written by The ReReport

Glen Eira topped the list most money spent building new flats, units, apartments and townhouses outside the CBD in Melbourne.

DEVELOPERS poured more money into Glen Eira than anywhere else outside the CBD in the past financial year.
More than $843 million was spent on new blocks of units, apartments and townhouses in the municipality in the 2017-2018 period, latest Australian Bureau of Statistics Building Activity Australia data shows.
The cash splash resulted in 2329 new dwellings for the area, with a further $203 million spent building 356 houses.

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Twelve new apartments at 13 Etna St, Glen Huntly are under construction, with completion due in November. They are available to be purchased off the plan for $550,000-$605,000.

Woodards Carnegie director Ruth Roberts said Glen Eira had changed a great deal in the past five years. “Glen Eira has amazing infrastructure and that’s been the main driver,” Ms Roberts said.
“The council has earmarked areas for development around shopping centres and transport.
“There has been a fair bit of encouragement with the zoning, particularly around Carnegie.”

CoreLogic data shows Glen Eira’s median unit price jumped 20.4 per cent to $590,000 in the five years to June, while the median house price increased 77.4 per cent to $1.455 million in the same time period.

Glen Eira topped the list of municipalities where the most money was spent on new units, apartments and townhouses, followed by neighbouring Monash where $643 million was splashed.
Despite the lower spend in Monash, it had more building approvals granted, with 2354 new dwellings built.

Ms Roberts said apartments were the most common new homes popping up across Glen Eira, changing the landscape of the area.
“The main roads are very different to five years ago,” she said.
“The days are gone when the big houses were there to show them off — now they have been turned into apartment blocks.”
“But it appears we are meeting the demand and the good news is a lot of off-the-plan (apartments) have kept pace with the market.”
Ms Roberts said investors, downsizers and first-home buyers were finding the area a popular choice for its transport, shops, schools and parklands.

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