The development of Templestowe real estate has been relatively recent. Until the 1970s Templestowe was a part of the Melbourne "green belt" and land could not be subdivided into lots smaller than 20,000 m2 which is much too large for most housing developments. In the 1970s the expansion of the urban areas of Melbourne brought a lot of pressure to bear pushing for the removal of the subdivision restrictions. The increasing need for land was driving prices very high and by the following decade Templestowe had become available for development.
Templestowe real estate is composed of many nouveau riche mansions that were built in the late 1980s. These gorgeous buildings are often lavish in construction with multiple bedrooms and master suites as large as many apartments in the Melbourne city limits. The development of the Templestowe suburb allowed for lavish building at affordable prices. Now Templestowe homes are valued in the millions of dollars with values continuing to increase, making them a great investment for real estate hunters and homeowners alike.
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