Marshall White's Sellout Success

Market Insights
8 years ago
3 minutes

Amid claims that the Victorian property market is slowing down, Marshall White Projects’ recent sell-out success of yet another inner-suburban apartment project, Arbor, in Doncaster, proves the contrary. The project has achieved an average sale price of $567,286 per apartment, completing selling out in just seven weeks. 

The three level residential apartment project will comprise 38 large, boutique apartments that are set to be completed in mid-2017. 

As purchaser demands continue to evolve as more downsizers and owner occupiers choose apartments over free-standing homes, Marshall White Projects have met these demands by offering purchasers with the option to create their very own bespoke apartment through re-configuring the initial plan. 

Arbor initially went to market as 42 apartments but was consolidated down to 38 thanks to Marshall White Projects' unique offering – an opportunity that provoked purchasers to buy more than one apartment to combine them to create a large single dwelling. 

With apartments ranging from $485,000 up to $739,000 for an amalgamated offering, the project’s success was underpinned by the large array of purchasers who were willing to pay more than the suburb’s median house price of over $1.1m to instead live in a luxury appointed, large apartment. 

Mark Dayman, Project Director of Marshall White, said it was no surprise that downsizers were selling their large family homes to purchase an apartment at Arbor and cashing-in on the unique offering. 

“People are willing to pay a premium price of $900K plus for a luxury apartment in the leafy suburbs of Melbourne and, in some cases, are willing to pay more than the median house price for an apartment. 

“We’re responding to the market – people are requesting to amalgamate and re-design in order to suit their needs  so we are responding with apartments that allow for customisation to a level that’s never been seen before. The results speak for themselves with all 38 of these large, owner-occupier apartments completely selling out in a matter of weeks.   

“Doncaster is home to established families living in beautiful spacious homes but as the suburb grows and these famileis mature, the kids move out and parents look to sell their home but don’t necessarily want move out of the area. 

“The majority of our purchasers are in their mid-40’s coming from within a two to three kilometre radius of the site so they’re not having to leave the comfort of their much-loved area and still able to reside in a beautifully tailored apartment. 

Marshall White has indicated Arbor was the fastest selling project in Doncaster this year proving that there is a sustained demand for luxury apartment projects in Melbourne’s coveted middle ring suburbs, close to key transport and school zones. 

The sell-out success also plays homage to Marshall White Projects’ unique approach to keeping up with market trends as well as offering purchasers an option they can’t resist. 

To enquire about any Marshall White project, click here.