Inner-Melbourne suburb of Abbotsford becoming a development hotspot

Developer Hamton is taking a slightly different approach in the suburb, with its Haven development (pictured below), aimed at prestige buyers. Haven is the second of a three-stage development in the area, and the first, 201-unit Eden, sold out. The three together are set to have 560 apartments.

“With Eden, we were overwhelmed with demand from owner-occupiers currently living in the affluent suburbs across the river from our site,“ says Hamton joint managing director Paul Hameister.

“They were looking for larger luxury apartments with high-end finishes, allowing them to downsize to a low maintenance lock-up-and-leave lifestyle in essentially the same location as their current home. We have sought to address this demand with Haven.”

The same demographic has snapped up Haven units, with 30% of the 148 units sold in the first fortnight of marketing in November last year.

Hamton sales director Cameron Yates says there has been in upturn in inquiries from and sales to high-end buyers since February this year.

“We have seen a bounce in the market in the last month – particularly from the discerning owner-occupier looking for premium location and facilities,” he says.

“Of the 24 apartments sold since the 6th February, 10 were priced over $900,000. Three penthouse suites sold for between $1.9 million and $2.3 million. Quality product and outstanding lifestyle amenity always have a place in the market.”

Haven will include a mix of one-, two-, three- and four-bedroom units. One-bedroom units will range in size from 41 square metres to 72 square metres internally and are priced between $365,000 and $581,000. Two-bedroom units will be between 66 square metres and 134 square metres internally and range in price from between $680,000 and $1.3 million. Three- and four-bedroom units will be between 124 square metres and 235 square metres internally and are priced between $1.38 million and  $3.9 million.

Between Haven and Eden will be Acacia Place, a series of landscaped spaces and a public walkway connecting the Yarra to Victoria Street. 

“One of the key elements of our master plan for the site is Acacia Place, which allows the public to share this unique piece of river bend and bring activity and vibrancy to the precinct,” Hameister says.

All three developers are making use of Abbotsford’s riverside location and open spaces.

“The desire for waterfront living in city-fringe areas is an evolving trend in the Melbourne market,” says Rob DiCintio, director of Trenerry Property Group.