In a market that’s been anything but mythical, a recent $8.5 million sale in Kew has brought a touch of unicorn sparkle to Melbourne’s development scene.
The 2,405 sqm* site at 1207-1209 Burke Road was sold by Unicorn Power (Australia) Pty Ltd to a locally based Asia Markets Developer following a fiercely contested Expressions of Interest campaign through Hamish Burgess, Leon Ma, and Joe Kairouz of Cushman & Wakefield.
With approved plans for 12 luxury townhomes and a location in the heart of the prestigious Sackville Ward, the deal is more than just a transaction, it’s a signal that after months of subdued sentiment, developers are once again willing to bet big on Melbourne’s leafy east.
The land rate of $3,534 per sqm* and $708,333* per proposed dwelling reflect a renewed appetite for premium, permit-ready sites with minimal planning risk.
Designed by Cera Stribley, the approved townhomes will offer four bedrooms, three bathrooms, and private garages; features that align with the expectations of Kew’s discerning buyers. With a net sellable area of 3,005 sqm* and a median house price in the suburb hovering around $2.8 million, the fundamentals are strong.
Hamish Burgess of Cushman & Wakefield said:
“This sale demonstrates the changing sentiment in the development market. The strong bidding signals the active return of developers in Melbourne’s eastern suburbs as they position themselves for the pending rebound in the residential market following the recent reductions in interest rates.“
The introduction of the Townhouse and Low-Rise Code and the Great Design Fast Track has also helped. These reforms are beginning to cut through red tape, giving developers a clearer path forward. And in suburbs like Kew, where heritage overlays and community scrutiny are the norm, that clarity is gold.
Leon Ma of Cushman & Wakefield said “This sale isn’t just a win for the vendor, - it’s a broader vote of confidence in Melbourne’s residential development market..
“As interest rates begin to ease and planning pathways become more navigable, we are witnessing the early stages of a market reawakening”.
The sale of 1207–1209 Burke Road is a vote of confidence in Melbourne’s residential future. It reflects a market recalibrating after a period of adjustment, with developers now positioning themselves for the next growth cycle.
*Approx.
