Families may now be looking at a budget of millions to buy a house on a full block in desirable pockets, and are instead turning to quality townhouses to stay in their preferred area.
Obaid Naqebullah, a former Afghan refugee who founded Marcopolo Property, has developed the two townhouses that have recently broken the price record in Hampton East.
A new four-bedroom home, one of two on the block, at 2/8 Seafoam Street sold for $1.45 million. The previous record of $1,425,000 was achieved earlier this year at nearby 13 Stonehaven Crescent.
Number 1 at 8 Seafoam Street is now on the market with an asking price of $1,475,000.
Mr Naqebullah said he was concentrating on areas such as Highett and Hampton East because they were good entry points to the bayside suburbs. They also had good access to Southland Shopping Centre, the beach and the city.