PROPERTY developer ID_Land has sold more than 50% of its new Yarraville Place project on opening weekend, across 55 townhomes totalling $45 million.
The success of the project has added weight to the improving market sentiment across the board, with ID_Land reporting 50% of sales across the opening weekend were made to first home buyers.
The in-fill development will offer a total of 98 townhomes located in Yarraville in Melbourne’s inner west.
Joint managing director Matthew Belford said the project is appealing to a broad range of buyers, further highlighting that confidence seems to be returning to Melbourne’s residential market.
“Based on sales from the opening weekend at Yarraville Place, 50% of those purchasing were first home buyers, while a quarter were upgraders looking to move up from their first property, with investors and downsizers making up the balance.
“We think the strength of the sales results to-date indicate that buyers across multiple demographics are back in the market and they’re looking for accessible, premium property in sought-after postcodes like Yarraville,” Belford said.