Mirvac Victoria chief executive officer Greg Collins confirmed all homes in its 27-unit, $60 million River boutique townhouse project, are gone.
Opposite the large waterfront Point Park, and with unobstructed views over a marina to the CBD, prices in River townhouses started at around $1 million, and rose to almost $5 million.
The sale success of the homes signals a turnaround from the performance of the Docklands market between 2001 and 2005, when a chronic oversupply of apartments meant that by the time some projects were finished, they were worth hundreds of thousands less than what investors paid off-the-plan years earlier.
Those who “weathered the storm” however seem to have done well, with the Docklands precinct enjoying strong rental gains and capital value growth in 2006 and 2007, local agents say.
Mr Collins says the underlying strength of Melbourne’s inner-city residential market has helped change consumer sentiment to Docklands.
He also said the “relatively new” concept of townhouse, rather than apartment accommodation options in Docklands, is appealing to a niche market.