The market in Melbourne’s eastern suburbs is off to a cracking start with a Balwyn townhouse setting a new price record.

The tri-level luxury home at 1/33 Kireep Road (pictured below) fetched a stunning $3.41 million in January to set a new benchmark for this property type.

The new four-bedroom, four-bathroom home on 565sq m attracted multiple offers before a young family snapped it up.

Sales records indicate the previous record price for a townhouse in the suburb was $2.55 million for 2A Georgian Court.

The record sale for an apartment stands at $3.075 million for 106/1-5 Threadneedle Street. The Kireep Road townhouse had a $3.38-$3.48 million price guide.

“It was a very good result for the townhouse which has luxury details and 55 squares of living,” Barry Plant Manningham agent Isabella Kou said.

“The buyer was looking for a luxury, low-maintenance home, and was also attracted by the city views.”

She added that buyers were drawn to the property’s location which lies in the zone for the top schools of Balwyn High and Balwyn Primary.

One of three on a larger subdivided block, the home was constructed by renowned local builder Luke Petersen of Buildcraft Homes.

Displaying meticulous craftsmanship, it features smartly designed living areas, four oversized bedrooms, three ensuites and a fourth bathroom.

A magnificent marble kitchen with a large butler’s pantry, an open-plan living domain and a stunning alfresco area add to its appeal. A bonus is the fully equipped basement theatre room with a kitchenette and a large walk-in cellar.

Another outstanding sale was at 18 Highfield Avenue, Blackburn South (pictured below, which sold for $1.466 million at a February 11 auction.