Townhouse Development Trends in Melbourne
With housing prices increasing, townhouse developments are coming to the forefront across Melbourne. But what is pushing this trend towards townhouse development and living over apartments and more traditional single-family homes?
There are some interesting trends coming through that are turning buyers to townhouse developments.
Firstly, there is the size. While house prices are rising, the actual houses are getting smaller, leaving buyers paying more for less. Modern townhouses are being developed from 80 – 400 sqm providing buyers with a range of sizes to suit their needs and their budget.
Townhouse developments also bring some unique benefits to the Melbourne housing market – they can be built strata free, they promote conversation and engagement with neighbours, and due to the smaller footprint, they can be built closer to business areas and facilities, allowing cars to be garaged and public transport to be utilised more.
As life gets busier, professional working couples and families are looking more towards a home that can accommodate lifestyle factors – shopping, dining out, entertainment and minimal maintenance and gardening. There is also an increase in the need for walkable neighbourhoods – pedestrian friendly neighbourhoods, an increase in public spaces and communities with soul.
The walk score of Melbourne townhouse developments is becoming more relevant, and a good walk score can add $30,000 – $50,000 to property values. Never heard of the walk score? Essentially it is a system with a score from 1 – 100 that measures the ease of walking to facilities that address the day to day needs of a resident – schools, shops, parks, workplaces and more. The higher the walk score, the easier it is to access facilities. Generally, every point above 70 is worth an additional $700 – $3000 in property value.
The lifestyle factor plays such a role in the growth of property development, that townhouse development approvals in metro Melbourne have grown by an average of 126.3% each year since 2011.
It is predicted that the 2020’s will bring more medium-density, family friendly housing that will be built with three to four bedrooms, and communal areas including gardens and playgrounds. It is expected that developers will continue to build innovative and eco-friendly homes, attracting new buyers.
Another trend being seen in townhouse developments in Melbourne is towards sustainable builds and eco-friendly, energy efficient interiors. Solar panels, smart technology, green roofs, sustainable flooring, double glazing and maximum natural light are all features that buyers and tenants are looking for, and developers are meeting.
The next 10 – 15 years in property development will be interesting to watch as trends in townhouse and multi-unit development evolve in Melbourne.
Looking for a quality Melbourne townhouse builder who can deliver the home you’re looking for? Give us a call on 1800DELCON, or send us an email at <a href=”mailto:info@delcon.net.au”>info@delcon.net.au</a>