New 22-Storey Tower Adds 280 Apartments to Bundoora Market

Developers lodged plans last week for a 22-storey apartment tower at 145 Grimshaw Street that would deliver 280 units by late 2028.

The proposal arrives as Bundoora's median unit price reached $685,000 in the June quarter, up 4.8 per cent from the same period in 2025, according to local sales records. Planners at Darebin City Council are scheduled to review the application in August, with construction expected to begin early next year if approved.

Local Supply Pressure

The site sits two blocks from Bundoora Park and within walking distance of the Bundoora Community Centre on Settlement Road. Both locations already host regular open-space events that draw residents from University Hill and the surrounding streets. Adding hundreds of new households could increase demand for those same facilities and push nearby retail strips to expand trading hours.

Current vacancy rates in the 3083 postcode stand at 2.9 per cent, the lowest level recorded since 2023. Agents tracking listings along Plenty Road report that one-bedroom units now lease within nine days on average, down from 18 days two years ago.

Price Signals for Buyers

Developer documents list entry-level one-bedroom apartments from $465,000 and two-bedroom units from $620,000. Those figures sit 12 per cent below the current median for comparable stock in the same postcode. Local valuers note that similar towers completed on nearby streets in 2024 achieved 95 per cent sales within four months of launch.

Prospective buyers should monitor the August council meeting and review the latest strata reports from comparable buildings on Grimshaw Street before committing. Early registration with the project sales office remains the fastest route to securing a unit at the base price tier.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.