Not so run of the mill: YarraBend townhouse development sells out in three hours

They’ve been dubbed the property market’s “missing middle”: townhouses that offer buyers a larger, more private residence than an apartment, but cost less than a freestanding house.

Ashley Bramich, director of sales and marketing at Cremorne-based developer Glenvill, is seeing an increasing demand for these properties.

“There’s a strong level of appetite for townhouses within close proximity to the city across the property market and there are a couple of reasons why this is the case,” Bramich says.

“Firstly, well-planned townhouses in the inner city offer people an affordable housing solution, enabling them to obtain a property close to the CBD with a similar lifestyle to that of a house, but without the same level of investment or upkeep required.”

Additionally, their modern, open plan design makes townhouses preferable to older properties in similar or higher price brackets, Bramich adds.

On November 18, the first release of The Mills, a new townhouse precinct in Alphington development YarraBend, sold out within three hours, achieving a tidy $18,985,000 for Glenvill.

In response, Glenvill fast-tracked two additional releases, resulting in a total of more than $42 million sales for townhouses in one day.

The Mills comprises 19 two and three-bedroom townhouses, and is the follow up to YarraBend’s first townhouse district, Parkview, which was released a year ago with a 95 per cent clearance rate.

Buyers ranged from young families to older downsizers. One couple, Rod and Cornelia Chapman, said the purchase of their three-bedroom townhouse was somewhat sentimental, as Rod’s father and grandfather had both worked at the paper mill that formerly occupied the YarraBend site.

Located 6.5 kilometres from the CBD, YarraBend’s position has been a big pull for buyers, says Bramich.

“Drawcards that have attracted buyers… include the prime location within the development, just 200 metres from the Yarra River, and at the heart of the community, close to the many amenities that will be on offer, as well as the quality industrial chic design of the townhouses,” he says.

In a nod to the site’s industrial heritage, the design of The Mills incorporates brick bookends, sawtooth roofs, and raw materials with polished finishes.

For more information, visit yarrabend.com.au