The sale of the corner 1,698sq m* site reflected a land rate of $5,712/sq m and a unit rate of $312,903 with the site holding a permit for a luxury project for 31 apartments, designed by renowned Architect ‘Jackson Clement Burrows’.

Located at 43 Riversdale Road, Hawthorn, the site has a high corner profile frontage of 34 metres* to Riversdale Road plus 62 metres* to Through Street and is favourably zoned within a Residential Growth Zone 1.

The site was sold through Benson Zhou, Julian Heatherich & Nick Garoni of Savills Australia

The property has immediate access to the vast array of high quality amenity on offer in Melbourne’s inner-east. Popular shopping precincts at Glenferrie Road and Camberwell Junction offer eclectic retail while lifestyle amenity is plentiful underpinned by Fairview Park and prestigious schools being a short walk away

According to Benson Zhou, Director, CBD and Metropolitan Sales at Savills Australia, “The luxury apartment market continues to see unwavering demand from developers who are confident in strong apartment resales allowing them to compete aggressive to secure sites”.

Julian Heatherich, Director, CBD and Metropolitan Sales at Savills Australia said the level of enquiry seen on development sites in the past 6-weeks has increased substantially as developers are looking to secure sites before the end of the year.

“With 152 enquiries throughout the campaign, it is clear that developers are eager to add to their pipelines for 2022, and opportunities Melbourne’s premium suburbs such as Hawthorn are a rare commodity”

Hawthorn’s median house price of $2,575,000 has resulted in many buyers being priced out of detached dwellings.

“This is reflected by the immediate area’s high level of apartment development activity and a strong median unit price of $1,453,750 for 3-bedroom apartments in the suburb, according to research from realestate.com.au” Mr Heatherich said

*Approximate