Little wonder that small is beautiful for a new breed of buyer
SMALL houses are set to become the next big thing in Melbourne. A growing amount of research is starting to point to townhouse-style properties as the new mainstay of Melbourne housing.
Colin Keane, director of ResearchFour, has noted the traditional 1000sq m (quarter-acre) block of land has been superseded by smaller, and usually more affordable, allotments.
Reviewing National Land Survey Program findings, Mr Keane said smaller lots gained up to $21,000 in value over the past three years.
He is predicting the rise of the townhouse as the new family home.
‘‘Most families buying on Melbourne’s outer fringes are travelling 15km further to secure a block of land that is only 70sq m bigger, at a price point which is similar to a new well-designed townhouse from where they came,’’ Mr Keane said.
Deon White, managing director of urban design with RobertsDay town planning, echoed the prediction.
‘‘The trend of the McMansion is on the decline; Australians are turning away from the super-large Australian home,’’ Mr White said.
‘‘Instead they’re starting to engage with the concept of the smaller home. People want to live a little more; they want less of their income drained into their weekly mortgage repayments.’’
The desire for smaller alternatives is also being driven by a growing number of buyers who are checking the running costs of homes, according to Mr White.
Rohan Ames, of developer R.Corporation which has begun targeting young families seeking townhouses, said projects in their stable had proven popular among such buyers in Maidstone, Cheltenham, South Yarra and North Melbourne.
‘‘The success of the developments indicates that buyers aren’t just recognising the value for money in a more desirable area; they’re also redefining the family home,’’ Mr Ames said.
$650,000-$700,000 without a car park. $700,000-$750,000 with a car park.