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Steller is continuing its dominance of Melbourne’s suburbs with the $25 million purchase of a 2,400 sqm commercial site at 233-247 Glen Huntly Road, Elsternwick.
The latest acquisition follows the purchase of a number of other development sites including 22 Wood Street in Preston for $13.6 million, 6-12 Davey Street in Frankston for $13.5 million and 36 Graham Road in Highett for $18.8 million.
“From our point of view Melbourne’s property industry has never been stronger. We sold 30% more stock in the first half of this year compared to last year, which shows there is still significant demand for well-planned high quality apartments in the suburbs of Melbourne,” said Nicholas Smedley, Managing Director of Steller.
Steller’s Managing Director, Nicholas Smedley, recently attended the Urban Development Institute of Australia (UDIA) Apartment Research Breakfast. Over the past few years, economists and analysts said 2016 would be the year that the Melbourne apartment market would be hit with “oversupply” but according to research released at the event, apartment projects commencing in Melbourne fell by a third last year.
“The research definitely challenges the perception of oversupply risk in Melbourne’s apartment market,” said Danni Addison, Chief Executive, UDIA. Further information about the research can be found here: