Underbank beats all competitors on a per square metre land price across all lot sizes
Underbank stamped its name as the most desirable quality project in this region with many purchasers forking out as much as $700,000 to secure a 1,000 square metre lot to build $1,000,000 plus houses. The achievement of these sorts of prices has seen smaller lots also rise as astute purchasers want to be part of what will be an amazing area with many luxury homes. The developers at Underbank recognized many purchasers didn’t want to be part of yet another residential development surrounded by small lots and volume style housing and made the choice to offer more lot size options – it has worked incredibly well with the project clearly outstripping all competitors on a per square metre land price across all lot sizes.
In 2021 we saw prices of 1,000 square metre lots increase from $390,000 and by year end they were successfully selling for up to $710,000. A remarkable increase driven by the severe shortage of lots of this size now available around metropolitan Melbourne.
The year saw 172 new buyers secure land at Underbank and this number is expected to rise in 2022 as new stages are approved at council and the year will see a more diverse range of land sizes. The latest release to hit the market is our town house releases near what will be the town centre. We welcome the new and exciting housing products designed by a team of builders that include, Hermitage Homes, Nostra Homes and Creation Homes.
The official release will occur this weekend and the demand is strong, with several groups already booking in their deposit appointments for this Saturday. We correlate the demand to purchasers now seeing the townhouse product as an affordable option to enter the market at Underbank while gaining walking access to the key amenities on offer.
