Growland positions Victoria Square as an affordable buyer option

Affordability is the buzz word, and has been for some time in regards to Melbourne's property scene. It's quite hard to escape the plethora of articles on the pressing issue at the moment, and understandably so.

One such article in this week's AFR goes in depth on the housing affordability issue, touching upon both the detached housing and apartment sector, and the differences between the two from a local perspective. In this malaise of unaffordability, one developer has taken steps to position their pending development as a genuine opportunity to secure an inner-city apartment at an affordable price.

Growland's first stage within Footscray's Victoria Square development will see 61sqm one-bedroom plus study apartments priced at $298,000. Any buyer actively looking to enter the market will be aware that the apartment size versus price outcome at Victoria Square is skewed in favour of the buyer.

In a recent media release, Growland's CEO Ronald Chan addressed the affordability quandary:

The key to addressing Melbourne’s affordability lies in high rises like Victoria Square – strong, modern communities are created through high density living. It is vital that the next generation has access to quality homes, with considered, long lasting architecture, but at a price that is achievable in relation to today’s median household incomes.

Young people also need to be able to live at a reasonable distance to where they work. Melbourne’s employment precinct has traditionally been concentrated to the CBD, meaning the inner ring suburbs are incredibly important to Melbourne’s future growth.

CoreLogic's median price for a one bedroom Melbourne apartment is $330,000, whilst REIV has the median Melbourne apartment price above $585,000 for the December 2016 Quarter.

With the first stage including 240 one, two and three bedroom apartments, its unclear how many single bedroom apartments are priced at $298,000. Nonetheless it will be an appealing price for a certain segment of the buyer market and an attractive hook in order to encourage buyer interest within Victoria Square.

An apartment within Victoria Square

Previously dubbed Joseph Place, Victoria Square has been extensively covered by Urban Melbourne in the past.

As one of Joseph Road Precinct's power development blocks covering 13,179sqm, Growland hold approval for 939 apartments across 6 separate buildings. Stage 1 of  Victoria Square will rise 23 levels and maintain a wave-like exterior.

In addition to the 240 apartments, Stage 1's street level activation will be considerable. A retail laneway will slice through the distinctive podium, featuring 3,000sqm of retail and hosptiality space which will be built in conjunction with the first tower.

Above, the stand out communal facility is Australia’s first and only Olympic-sized aerial outdoor track. Also in tow is a residents’ pool, gym, and cinema whilst a 3,000sqm podium skypark will provide the project with a generous slab of open space.

Victoria Square's first stage

Development & Planning

Thursday, August 17, 2017 - 12:00
The City of Melbourne's Future (Planning) Committee this week resolved to issue conditional approval for a 10-storey building at 1071-1081 Hoddle Street in East Melbourne. The building would rise to a height of 31.54m and accommodate 26 apartments on a triangular shaped site with a total area of 311 sqm.

Policy, Culture & Opinion

Wednesday, August 9, 2017 - 12:00
Carolyn Whitzman , University of Melbourne Liveability is an increasingly important goal of Australian planning policy. And creating cities where residents can get to most of the services they need within 20 to 30 minutes has been proposed, at both federal and state level, as a key liveability-related mechanism.

Visual Melbourne

Thursday, August 10, 2017 - 12:00
Part Three follows on from the Part One: Yarra's Edge and Part Two: Victoria Harbour. The focus of today's piece will be NewQuay and Harbour Town, the northern most precincts within Docklands. NewQuay NewQuay was the first precinct to open way back in 2003 and has probably evolved the most.


Transport & Design

Thursday, August 17, 2017 - 07:15
CBRE in recent weeks has begun marketing a development site at 118 City Road in Southbank which has been branded as 'Flagship'. The 6,191sqm site is currently home to a BMW dealership and showroom, and has significant potential to add to what is set to become on of the densest city blocks in Melbourne, boasting towers of 200m through to over 300m.

Sustainability & Environment

Thursday, July 20, 2017 - 12:00
The greening of Southbank is a step closer to reality following the endorsement of the draft concept plan for Southbank Boulevard and Dodds Street by the Future Melbourne Committee on Tuesday, 18 July, 2017.