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Austin sells out in six weeks

Austin sells out in six weeks

Adepto Co’s latest luxury townhouse release – Austin in Pascoe Vale is sold out.

Setting record prices for the area, the development features seven exceptional house like triple-story town homes with expansive open plan living design.

“There is always room for quality in the real estate market,” says Adepto Co Director David Tricarico.

“We don’t see an issue with oversupply in the development sector. Apartment living is now well embedded in the Australia dream psyche, where society no longer longs for the traditional house and land. The younger generation and now the older generation (whom are wanting to down size) have accepted apartment living and are embracing what these developments have to offer in comparison to moving out to outer suburbs of Melbourne to new home estates,” says David.

“What this means, is that your typical apartment development site where your generic developer would try to squeeze as many apartments as possible is now changing and the focus is now on owner occupiers. This has resulted in apartment sizes becoming larger and the designs and layouts being directed towards people looking to purchase a home not an investment property.

This is a great time for the Australian property market as people are becoming more educated in apartment/townhouse living. The market is forever changing and as a developer you have to continually review the structure of your business and adapt it to how the market and society evolves.

Over supply of apartments is a strong statement, that has been a hot topic of conversation since I can remember entering the high rise construction industry fresh out of university in 2007. With Australian infrastructure, society and work ethic being as it is; population growth and societies values on apartment living will continue to drive the apartment industry in many years to come. At Adepto Co we are focusing on luxury homes for owner occupiers,” says David.