After three years with no buyers, this Box Hill luxury apartment may need to slash its $4 million price tag

A three-storey luxury apartment in Box Hill has been sitting on the market with an asking price of $4 million for the past three years – a suburb record if the sale goes ahead.

However, the special projects manager overseeing the property told the Eastern Melburnian the vendor may need to temper their high hopes if it’s not snatched up soon.

🔑 What do you get? Located at 2806/820 Whitehorse Road in Box Hill, the three-level apartment takes up the top three levels of a 28-storey development, which itself includes about 200 apartments.

• At 244 square metres, the apartment includes four bedrooms, four bathrooms, a kitchen with an integrated refrigerator and private parking for two cars.

🎢 A rollercoaster market: Unit and apartment prices in Box Hill have been falling gradually over the past five years – dropping from a median price of $601,125 across 286 sales in the May 2020 to April 2021 period to a median price of $505,000 across 454 sales over the April 2025 to March 2026 period – a reduction of about 15.99 percent.

• Box Hill’s median house price between April 2025 and March 2026 was $1.68 million based on 61 sales –  9.375 percent up compared to the October 2022 to September 2023 period.

💆 Large luxury: Property Solutions Estate Agents special projects manager Anthony Wong said while interest had been “solid” for similar penthouses, it was usual for high-end properties to remain on the market for several years in large developments like this.

• 🗣️ “There's not many three-level penthouses in Box Hill,” Wong told the Eastern Melburnian.

• 🗣️ “Properties like this apartment are positioned and priced this high as they were never available before, of this size for an apartment, and the build cost warranted it,” said Wong. “Whether it’s worth it or not is up to the market to decide, but considering it’s been on the market for a while, the vendor will need to adjust their expectations.”