Molti has scrapped plans for nine luxury homes across two of Melbourne’s most expensive suburbs, replacing them with 21 apartments after rezoning opened the door to a higher-density play.
The Burleigh Heads-based luxury residential developer had planned homes and townhouses in the multimillion-dollar suburbs of Armadale and Toorak in Melbourne’s south-east.
Median house prices at Toorak are about $4.5 million—which is 22 per cent lower than a year ago, according to realestate.com.au—while median apartments are around $950,000. A three-bedroom apartment is averaging $1.9 million.
