A slice of Brighton for as little as $750,000 is proving compelling as Melbourne shakes off its real estate lockdown torpor.

A handful of the Bianco Brighton apartments have already sold since launching on October 1, with empty nesters and young professionals alike pursuing the Bay Street address.

Castran Gilbert director Michael Lang said the development embraced the walking-distance ethos, with one of the suburb’s most popular shopping and cafe strips on its doorstep.

He added that the size of the project, which will have 19 apartments in it, had also appealed to buyers.

“It’s a rare opportunity to acquire an apartment that’s affordable in such a genuinely walkable location,” Mr Lang said. “And it is affordable, compared to the $2m-plus apartments you often see in Brighton. Very few new ones are under $1m.”

Latest realestate.com.au figures show, with two-bedroom apartments starting at $750,000, the apartments are well below the suburb’s $978,000 median unit price — and a fraction of the $2.745m typical house price.

At $750,000, a first-home buyer would be able to apply for the government to back their loan with only a 5 per cent deposit via one of the 10,000 new First Home Loan Deposit Scheme places announced in this week’s budget.

But that doesn’t come at the expense of size or style.

The two-bedroom floorplans average 75-80sq m, while three-bedroom abodes are typically 100sq m. Outdoor spaces can add up to another 80sq m, with five ground-floor apartments to feature gardens and five at the top a terrace.

And some have an aspect towards the bay,” Mr Lang said.

A Cera Stribley Architects design provides a modern facade, as well as rainwater collection, and efficient design paired with environmentally conscious appliances throughout.

The light-filled interiors have a coastal colour palette that blends pale timber tones and terrazzo stone elements, with natural materials chosen for their visual and textural link to nearby beaches. The development will also include office spaces.

Two-bedroom apartments are priced from $750,000-$925,000 and three-bedroom offerings from $950,000-$1.35m.


This article originally appeared on realestate.com.au and the Herald Sun on 10th October 2020.