“Hyper local” downsizers have snapped up the two remaining penthouses in developer Orchard Piper’s Toorak Village project, paying record rates of nearly $40,000 per square metre for boltholes in Melbourne’s most exclusive suburb.
These latest penthouse sales mean Orchard Piper, which specialises in luxury projects in Toorak and similar blue-chip suburbs like East Melbourne, has sold all the most expensive residences in the mixed-use development. The success of the project comes as luxury developments with bigger profit margins outperform the wider apartment market, which is struggling as more affordable projects fail toIn addition, boutique projects in good suburbs are appealing to an emerging demographic of wealthy buyers who live regionally but are returning to the office
Source: Real Estate Daily Report (realestatedailyreport.net)
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