Townhouse demand heightens as Inkerman & Nelson in Balaclava nears sell-out
With Melbourne's rolling lockdowns, and the want for more space over the last 18 months, townhouses have become one of the most in demand properties across the state.
Icon Developments Scott Jarzynka says townhomes have become a favourite for young families, as the local high-density dwellings currently available on the market don't offer the space they need.
"This demographic of home buyers are wanting to stay in the inner-city, with the convenience of local public transport and parks," Jarzynka says.
"Townhomes are the answer, providing a great location, convenience to their lifestyle and space."
Nat Eisen, at Eisen Property, says he's seen demand heighten for townhouses and larger apartments, with the latest rounds of COVID lockdowns not dampening buyer appetite.
"We noticed stronger enquiry during lockdown, with those stuck at home researching real estate and wanting more space," Eisen says.
Eisen has been marketing the boutique townhouse development Inkerman & Nelson in Balaclava, selling nearly all of its 27 townhouses, with just two remaining.
Icon Developments had MAArchitects design the townhouses solely for the owner-occupier. Each townhouse, set in gardens landscaped by Eckersley Garden Architecture, has two or three levels, three or four-bedrooms, and two parking spots.
Icon say that Eckersley's distinct interpretation of “family” styled gardens moves away from traditional multi-residential landscaping, to ensure each space is made to feel like a stand-alone home.
Eisen says most of the buyers have been young families who live in the area who put location and lifestyle above everything.
But there's also been appetite from double income professionals who are looking to upsize locally.
"Most buyers have a strong connection to the location. They want something familiar and want to stay in the area.
"Buyers are weighing up whether they buy a house further out or a townhouse closer to the city," Eisen said.
"With established homes, buyers move in and might have to renovate, whereas buying off the plan and brand new, buyers can move in with ease, which is great for those families with young kids."
Eisen says buyers at Inkerman & Nelson have appreciated the ability to personalise the townhouses, with the flexi-rooms on offer generally converted in to home offices.
"Most of the buyers intend to work from home in some capacity", Eisen noted.
One of the key drivers has been Inkerman & Nelson has been the fact it is a well-priced product in a sought-after, expensive area.
While not being at the bottom end of the affordability scale with prices starting from $1,285,000, it's still considerably less than the entry level of the surrounding bayside suburbs of the pricey Bayside Brighton and St Kilda West.
Eisen says overall, he is seeing strong interest from all segments, from first home buyers to downsizers, with investors creeping back in to the market.
