Templestowe unit prices are on the rise, defying the cooler market conditions.
Downsizers are driving a surge in unit prices in Templestowe.
Units in the suburb have defied the cooling market to notch an 11.8 per cent rise in the past 12 months, according to new CoreLogic data.
The median unit price in Templestowe gained $85,000 in 12 months to hit $805,000.
The price surge is the highest seen across Manningham — for both units and houses — in the past year.
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The three-bedroom low-maintenance pad has a $1.05-$1.13 million asking price.
Barry Plant Doncaster East agent Tony Tuccitto said downsizers were bolstering the unit market.
“There’s always a market for downsizers in Templestowe from people on the acreage who want to downsize,” Mr Tuccitto said.
“They have family and friends close by and amenities, so they want to stay within their circle.”
Templestowe’s unit growth was followed by Templestowe Lower units, which were up 9.4 per cent to a $800,000 median.
Wonga Park had the highest median house price jump at 9.1 per cent to $1.05 million.
These figures compare to a 5.1 per cent increase in the median unit price across greater Melbourne and an 8 per cent rise in the median house price.
Templestowe units outperformed houses in the area, with the median house price dropping 3.7 per cent to a $1.351 million.
Mr Tuccitto said the tightening of lending and reduction in Asian investment had caused the pullback on house prices.
“We needed this slight adjustment as we had a large run for quite a long period of time,” he said.
“Now it’s a more balanced market, a real market.”
An apartment at 210/2-6 Anderson St, Templestowe is also on the market.
The two-bedder has a $510,000-$560,000 price tag.
Jellis Craig Doncaster director Dallas Taylor said young professional couples and inner city downsizers were also seeking out the area’s newly built, low-maintenance units.
“Typically these are new properties, so the maintenance costs are reduced — everyone looks for reducing mortgages and running costs,” he said.
Mr Taylor said despite new development, the area had retained its streetscape, unlike neighbouring Doncaster.
“Templestowe is still low density and relatively unchanged,” he said.
“It’s a convenient lifestyle and close to the city, you get the best of both worlds.”
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