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.
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.