First-home buyers have a rare chance to make a start in Melbourne’s east for as little as $345,000.
The Alpine Doncaster East project, which is offering the affordable entry, has already sold 10 of its 39 apartments ahead of the official sales launch on February 22.
Castran Gilbert’s Mark Forytarz said he had been “inundated with calls” for the Resicommercial Developments complex at 5 Red Hill Terrace.
“It offers affordability, it is close to The Pines shopping centre … and it is already under construction,” Mr Forytarz said.
“You would be going out past Ringwood to get anything at this price level.”
The project was popular with first-home buyers because of its proximity to Box Hill, which had become a substantial jobs hub under plans to turn it into a second CBD to Melbourne, Mr Forytarz said. Box Hill’s growth had also pushed up prices in surrounding suburbs.
Latest realestate.com.au and Hometrack figures show Doncaster East’s median unit price is now $771,000, up 7 per cent in the past year.
With one-bedroom apartments at half the suburb’s median unit price, the project was a chance for younger buyers to break into the market and not break the bank, Mr Forytarz said.
Apartment interiors measure from 53sq m to 102sq m and will feature high-end finishes, including kitchens with stone benchtops and Miele appliances.
They will also have timber floors in the open-plan living areas and porcelain tiles in the bathrooms.
The architecture by iwolff is linear, but the facade will be broken up by hanging greenery and a series of balconies. Some of the apartments also have a courtyard or a terrace, with outdoor spaces up to 78sq m.
Construction is expected to be finished in late May.
One-bedroom apartments are priced from $345,000-$375,000, two-bedroom offerings are $455,000-$700,000 and a handful of three-bedroom floorplans are available from $720,000-$910,000.