Top townhouses are setting new standard
One of the most interesting changes we have seen in Melbourne’s inner-north has involved the growth in the market not just for townhouses, but for top quality townhouses that offer something different in our market.
Some of our readers might be surprised to see how much the market for townhouses has changed. For example, if you compare the Census data from 2016 with the figures from 2011, the percentage of Australians living in detached houses fell from 75.6% to 72.9%, whilst those living in townhouses increased from 9.9% to 12.7%.
In fact, recent figures from the Australian Bureau of Statistics (ABS) have revealed that in the 12 months to the end of 2017, building approvals for townhouses recorded year on year growth of 21% in Victoria.
Over the same period, the number of building approvals for free-standing houses fell by 2% when compared to the previous year, so clearly the number of Australians looking at higher-density housing is increasing. The figures also show that when compared with the figures from 2011, townhouse approvals were up by 124% in Victoria, which means that townhouse approvals have averaged an annual rate of growth of 14.4% in Victoria. This compares with a growth rate of just 2.6% for detached housing in this state.
On a local level, we are seeing a growing market for architecturally innovative townhouses that in years past we would normally only have expected to see in the inner-city market and some areas of the inner south-eastern suburbs.
One example of this was a brand-new townhouse in Preston which we were marketing while construction was still being completed. Architect-designed to provide two bedrooms and two bathrooms over a light-filled double-story floorplan, and finished to very high standards, this property was successfully sold for $980,000…an exceptional result that we expect to see more of given the release of several striking townhouse developments (pictured) in our area recently.
The key message for anyone wanting to find an up-market, low-maintenance lifestyle in this part of Melbourne is to be sure to chat with one of our team about your wants and needs. We may be aware of something that is yet to be released to the market that might suit you down to the ground. So give us a call if you’d like to know more.
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