105–107 Harp Road
Kew East
Area & Pricing Summary — All Lots
| Lot | Internal m² | Basement Hab | Above-Grade | Garage | POS | List Price | $/m² (total) | $/m² (above-grade) |
|---|---|---|---|---|---|---|---|---|
| Lot 01 | 200 | 28 m² | 172 m² | 40 | 129 | $1,879,750 | $9,399 | $10,929 |
| Lot 02 | 175 | 25 m² | 150 m² | 35 | 31 | $1,699,500 | $9,711 | $11,330 |
| Lot 03 | 175 | 25 m² | 150 m² | 34 | 31 | $1,699,500 | $9,711 | $11,330 |
| Lot 04 | 195 | 27 m² | 168 m² | 40 | 31 | $1,802,500 | $9,244 | $10,729 |
| Lot 05 | 197 | 29 m² | 168 m² | 43 | 65 | $1,848,850 | $9,385 | $11,005 |
| Lot 06 | 241 | 37 m² | 204 m² | 50 | 132 | $2,317,500 | $9,616 | $11,360 |
| Lot 07 | 225 | 29 m² | 196 m² | 37 | 30 | $2,008,500 | $8,927 | $10,247 |
| Lot 08 | 226 | 30 m² | 196 m² | 37 | 30 | $2,008,500 | $8,887 | $10,247 |
| Lot 09 | 241 | 37 m² | 204 m² | 51 | 72 | $2,317,500 | $9,616 | $11,360 |
| TOTAL / AVG | 1,875 m² | 271 m² | 1,608 m² | 367 m² | 551 m² | $17,582,100 | $9,388 avg | $10,949 avg |
Lot Prices vs Market Medians
$/m² — Headline vs True Above-Grade
Area Composition per Lot
Premium / Discount vs House Median
The feasibility drawings include basement habitable area (study / media / storage) in each townhouse's internal area figure. While technically habitable, this space attracts lower buyer value than above-ground living — limited natural light, reduced ceiling amenity, and below street level. Including it in the $/m² denominator pulls the apparent rate from $10,949/m² down to $9,388/m². Any comparable sales analysis or bank valuation should isolate above-grade habitable area to avoid understating the project's per-square-metre position relative to comparable townhouse product in the market.
Harp Road on the Kew East Price Spectrum
We believe the right strategic intent for Harp Road is deliberate entry-level positioning within one of Melbourne's most aspirational inner-east suburbs. At a recommended average of $1,953,567, these 3-bedroom townhouses sit 7.0% below the Kew East house median — offering buyers a new-build alternative to ageing stock, without carrying the full land premium of a standalone property. This is a compelling and defensible price point that we are confident the market will absorb efficiently.
The pricing compression across the 9 lots reinforces this intent. The project is not attempting to compete on luxury specification or prestige tiering; it is competing on suburb access, newness, and the quality of everyday living. Buyers priced out of the house market, or downsizers seeking a quality lock-up-and-leave lifestyle, find a genuinely differentiated product at a meaningful discount to detached housing in the same postcode — with the added benefit of new-build warranty, basement garaging, and private outdoor space.
The true above-grade $/m² rate of $10,949/m² — understated by the headline figure of $9,388/m² due to basement habitable inclusion — confirms that pricing is grounded in strong fundamental value. We recommend this strategy for its lower risk profile, alignment to demonstrated buyer demand depth at this price point, and its potential to drive faster campaign absorption than a premium-positioned alternative.
Should the project elect to pursue a luxury positioning strategy — supported by a premium specification package, elevated branding identity, and a curated buyer acquisition campaign — we believe there is a case for pricing at up to 10% above base feasibility rates. This represents a meaningful strategic departure and would require deliberate commitment across product, marketing, and campaign timing.
Key consideration: At luxury pricing, the average lot price of $2.09M would sit at near-parity with — or marginally above — the Kew East house median of $2.1M. This significantly reduces the entry-point value proposition that underpins the recommended strategy, and would require the product specification, marketing execution, and buyer experience to carry the premium convincingly. We would recommend a detailed comparable sales review and specification audit before committing to this path. The recommended +3% strategy, by contrast, offers a lower-risk, faster-absorption outcome well aligned to the depth and profile of demand in this price bracket.
Prepared by Blair Property Group · 99 Station Street, Malvern VIC 3144
Market data: REIV Jun Q 2025 · CoreLogic · Cera Stribley feasibility drawings 05.02.2025
Licence No. 089445L · Confidential — not for external distribution
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