property
New 320-Unit Tower Transforms Keilor's Housing Market
A 28-storey tower approved for 45 Keilor Road will add 320 units and test price trends in Keilor's established pockets.
How we reported this
Keilor City Council signed off on 28 July for a 28-storey apartment tower at 45 Keilor Road that will deliver 320 units by mid-2028.
Global supply chain strains from recent tanker incidents in the Strait of Hormuz have lifted construction material costs 9 per cent since March, yet local developers secured financing before the latest spike. The project therefore arrives at a moment when buyers weigh higher borrowing costs against limited stock in the inner-west corridor.
The tower rises two blocks from Keilor Village Shopping Centre and directly across from the Keilor Community Centre, where the council runs its weekly seniors housing information sessions. Neighbours on Keilor Road already report increased real-estate agent visits to the adjacent 1970s walk-ups that line the same strip.
Price and Stock Signals
CoreLogic figures show the median unit price in Keilor reached $712,000 in June, a 4.2 per cent rise from the same month last year. The new tower targets the $595,000 to $685,000 band, a segment that has seen only 41 listings so far this calendar year. Agents at the Keilor branch of Barry Plant expect the first release of 120 units to clear within eight weeks if deposit terms stay at 5 per cent.
Comparable projects in comparable suburbs such as those tracked by the European Property Index show similar towers lifted surrounding values by 3 to 5 per cent within 18 months of completion. Local valuers will monitor whether the same pattern holds once the Keilor Road site moves from excavation to frame.
Next Steps for Buyers and Sellers
Prospective purchasers should register interest directly with the developer by 15 August to access priority pricing before the public launch. Existing owners on nearby streets including Church Street and Milleara Road can request a free market appraisal from the council’s approved valuer list before settlement activity begins. The first residents are scheduled to move in during the second quarter of 2028.
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.