Howe’s who’s who

Sunday Herald Sun - - News - SCOTT CARBINES scott.carbines@news.com.au

ELITE sports­men were out in force yes­ter­day at the auc­tion of Colling­wood high-flyer Jeremy Howe’s mod­ern beach­side pad.

El­wood’s leafy Wil­ton Grove was a who’s who of top tal­ent, with Aus­tralian wick­et­keeper Matthew Wade (right), Rich­mond star Jack Riewoldt, Colling­wood VFL coach Jared Rivers and Pies star Tay­lor Adams among those watch­ing as the three-bed­room town­house passed in at $1.33 mil­lion.

It sold af­ter­wards for $1.395 mil­lion to a buyer not in­volved in the bid­ding.

Howe’s ex-Mel­bourne team­mate Bernie Vince was one of the list­ing agents.

Along­side his AFL ca­reer, Vince is a di­rec­tor at Pride Prahran, with part­ner Char­lie Cle­mons, but he was un­able to at­tend the auc­tion.

“I know Bernie as a footy player and a mate and watch­ing him go at it as a real es­tate agent is re­ally good,” Howe said.

Mr Cle­mons said Howe was “so happy” with the re­sult.

IT might be the year of the rooster in Chi­nese cul­ture — but 2017 is tipped to be the year of the town­house in Mel­bourne prop­erty.

Buy­ers priced out of the mar­ket for houses and con­cerned about an over­sup­ply of apart­ments are turn­ing to­wards the mid­dle point as their pre­ferred choice, ac­cord­ing to in­dus­try play­ers.

First-home buy­ers Bianca Elencevski and Ste­fan Imbesi won the keys to their East Mel­bourne town­house at auc­tion late last year.

“We just wanted the prop­erty to feel more like a home,” Ms Elencevski said.

“We were find­ing that apart­ments, be­cause they were sin­gle level, felt smaller and buy­ing a town­house felt more homely than an apart­ment.”

She said it also gave them an ur­ban life­style close to work.

Fu­ture Es­tate founder and man­ag­ing di­rec­tor Ben Anderson said his de­vel­op­ment com­pany had scrapped plans to build 120 apart­ments at its Coburg Quar­ter site in favour of 38 town­houses.

“It’s a prod­uct type that’s been in some way over­looked by de­vel­op­ers, par­tic­u­larly dur­ing an in­vestor-driven boom,” he said.

“A lot of de­vel­op­ers fo­cus on max­i­mum yield on sites so a lot tend to­wards apart­ments.”

But de­mand for high-qual­ity, low-main­te­nance liv­ing op­tions was surg­ing, Mr Anderson said.

“There’s a mas­sive amount of up­siz­ers liv­ing in apart­ments or ter­races, that are per­haps two-bed­room, one-bath­room, with no off-street park­ing, seek­ing a bit more room,” he said.

Mar­shall White projects di­rec­tor Leonard Teplin agreed “the mar­ket had changed” and other de­vel­op­ers were also start­ing to favour town­houses.

“As sup­ply out­paces de­mand and the re­al­ity of last year’s for­eign in­vest­ment tax, plan­ning leg­is­la­tion and un­der­val­u­a­tions set in — de­vel­op­ers will in­creas­ingly with­draw from the multi-res­i­den­tial mar­ket and re­fo­cus their at­ten­tion on an owner-oc­cu­pier prod­uct,” he said.

“While the rev­enue from town­houses is less, the cost and time as­so­ci­ated with de­vel­op­ing them is also less, mean­ing fi­nanc­ing is eas­ier to come by.”

Re­search from RPM Real Es­tate showed de­mand for medium-den­sity dwellings, in­clud­ing town­houses, had surged over the past four years.

There were 33,183 new semide­tached, row or ter­race home ap­provals across Aus­tralia in the year to Oc­to­ber 2016.

Pic­ture: YURI KOUZMIN

Bianca Elencevski and Ste­fan Imbesi bought a town­house in East Mel­bourne.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.