Howe’s who’s who
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.
Bianca Elencevski and Stefan Imbesi bought a townhouse in East Melbourne.