This article originally appeared on Herald Sun Real Estate.
PROPERTY in Balwyn’s High School zone remains at the forefront of buyers’ minds, despite class being almost out for the year, new sales figures show.
Developer Chun Group sold five of its seven Blossom townhouses in the first week of launching, achieving more than $10 million in sales.
Chun Group general manager Michael Hermans said the success of Blossom proved there was still demand for property within the Balwyn High School zone, in particular homes within walking distance of the classrooms.
According to CoreLogic, the suburb’s median house price grew 1.8 per cent in the 12 months to September and 9.7 per cent annually for the past 10 years. Unit prices grew 5.3 per cent annually in the last decade.
“Balwyn is regarded as the education capital of Melbourne and as such, house price growth has strongly reflected this,” Mr Hermans said.
“We didn’t expect Blossom to stay on the market for long, as it’s not often that a product of this caliber comes to market in a suburb such as Balwyn.
“We recognised the importance of delivering a luxurious product to the Balwyn market, as the buyers are sophisticated and expect the highest of quality.”
With prices ranging from $1.59 million to $2.29 million, Blossom townhouses were designed with family in mind and includes a home cinema, wine cellar and big backyard.
The four-bedroom properties feature a neutral palette, timber flooring and high quality fixtures and finishes including Smeg appliances.
All backyards are designed by Acre Landscaping Architects and pay homage to Balwyn’s tree-lined streets with an outdoor area covered in a natural canopy.
For more information, visit blossombalwyn.com.au